Key Points
- Grayscale's GBTC spot Bitcoin ETF experienced a record daily outflow of $642.5 million.
- Despite inflows from BlackRock's IBIT ETF, the total net outflow reached $154.4 million.
Grayscale's GBTC spot Bitcoin exchange-traded fund (ETF) witnessed a record-breaking daily outflow of $642.5 million on Monday. This surpassed the previous record of $640.5 million set on January 22.
ETF Inflows and Outflows
Despite an inflow of $451.5 million from BlackRock's dominant IBIT ETF, it was insufficient to offset GBTC's outflows. This resulted in a total net outflow of $154.4 million for the first time since March 1, as per data from BitMEX Research.
The BITB from Bitwise was second with inflows worth $17.6 million. Conversely, Fidelity's FBTC ETF experienced its lowest inflows since its inception on January 11, generating a mere $5.9 million.
ETF Trading Volume
The daily trading volume for the U.S. spot Bitcoin ETFs decreased to $4.2 billion on Monday due to the outflows. This is a significant drop from the daily range of $5.5 billion to $7.7 billion last week, and is less than half of the record daily trading volume of $9.9 billion set on March 5.
BlackRock's IBIT ETF led the pack with a trading volume of $2 billion on Monday. Grayscale's GBTC and Fidelity's FBTC generated $1 billion and $630 million in trading volume, respectively. The cumulative trading volume for all spot Bitcoin ETFs currently stands at $145.8 billion.
Bitcoin Market Fluctuations
The record outflows from the spot Bitcoin ETFs mark a significant reversal from the record weekly inflows and trading volume observed last week. This turnaround coincides with a continued downturn for Bitcoin, the largest cryptocurrency by market cap, since it reached a peak of $73,836 on March 14.
The price of Bitcoin fell to the $63,000 level for the first time in nearly two weeks, causing an increase in long liquidations on centralized exchanges. Currently, Bitcoin is trading at $63,228, a 7% decrease over the past 24 hours and more than a 10% drop over the past week. Despite this, it remains up by approximately 50% year-to-date.
The broader crypto market has also seen a significant decline recently. The GM30 index, which represents the top 30 cryptocurrencies by market cap, has declined 16% to 137.31 since peaking at 164 on March 14.
