Spot Bitcoin ETFs returned to daily net outflows. Grayscale’s GBTC total outflows exceeded $15 billion. Ark Invest 21Shares’ ARKB product also had its first daily exit, with $300,000 in fund outflows.
Spot Bitcoin ETFs return to net outflows!
cryptokoin.comAs you follow from, the aggregate of US spot Bitcoin ETFs recorded a total net inflow of $860 million on each trading day last week. However, ETFs returned to net outflows on Monday this week. BlackRock’s dominant IBIT ETF saw inflows of $165.9 million, according to CoinGlass data. However, Grayscale’s GBTC fund recorded an outflow of $302.6 million. Therefore, the inputs were not enough to overcome the outputs. Thus, this fund flow led to a total net outflow of 85.7 million dollars yesterday.
Fidelity’s FBTC ranked second with $44 million in inflows on Monday. Invesco’s BTCO ranked third with $4.2 million. However, Ark Invest 21Shares’ ARKB ETF experienced its first breakout since it began trading on January 11. ARKB lost $300,000. The remaining funds saw inflows between zero and $2 million. Total net inflows are now just over $12 billion.
“B.I thought it would have slowed down by now!”
A Coinbase report earlier this month suggested that a potential sale of 35.9 million GBTC shares worth about $2 billion by Genesis Global Holdco LLC may have caused the recent GBTC selling pressure. Outflows from Grayscale’s GBTC fell from a peak of $642.5 million on March 18 to $104.9 million on March 28. This selling pressure is slowing down, some analysts said. Yesterday’s outflows show that the daily average of 274 million dollars was exceeded. However, the fact that the markets were closed on Friday may have affected Monday’s figure.
Bloomberg ETF analyst James Seyffart said yesterday, “There was an outflow of $302.6 million from GBTC today. Frankly, it’s higher than I expected. “I thought this would have slowed down by now.” said. Monday’s figure brings GBTC’s total outflow since it began trading on January 11 to over $15 billion. According to CoinGlass, the fund fell 46% during this time, from approximately 619,000 BTC to 333,619 BTC ($22 billion). BlackRock’s IBIT was the fund with the most Bitcoin holdings, with 252,000 BTC ($17 billion). Fidelity’s FBTC has accumulated more than 144,000 BTC ($10 billion).
Spot Bitcoin ETF trading volumes continue to decline
US spot Bitcoin ETFs generated $3.03 billion in trading volume on Monday. BlackRock’s IBIT provided $1.37 billion of this. Grayscale’s GBTC and Fidelity’s FBTC generated $806 million and $556 million, respectively. However, daily trading volumes have steadily decreased since the $9.93 billion peak on March 5, when Bitcoin first surpassed the previous cycle’s ATH level of around $69,000.
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