Bitcoin Spot ETFs Witness Highest Single-Day Outflows as GBTC Continues to Bleed
Bitcoin spot ETFs have experienced a significant net outflow of $159 million, marking the largest single-day total net outflow since their launch.
Data from analytics platform Alpha shows that out of all the spot Bitcoin ETFs, Grayscale ETF (GBTC) has seen the most substantial net outflows, with $429 million leaving the fund over the past day alone.
Conversely, all other ETFs, excluding Grayscale, experienced net inflows of $270 million.
More specifically, BlackRock’s IBIT fund saw inflows totaling $66.16 million, while Fidelity’s FBTC saw more than $125 million in inflows.
Ark Invest, Bitwise, and Invesco were three other funds that saw the biggest inflows, each around $20 million.
Notably, there has been a decline in the outflow of funds from Grayscale Bitcoin Trust (GBTC) for two consecutive days.
This decrease represents the lowest outflow since the introduction of Bitcoin spot ETFs in the United States.
Bloomberg analyst Eric Balchunas noted that while GBTC outflows are showing a downward trend, the liquidations remain substantial.
$GBTC volume down again today.. could be sign of some exhaustion in the selling (same thing happens in stocks, $SPY volume goes up w selling, down w peace). We'll see tonight tho. And I'm only reporting on shares out data sent by their admin to BBG. Only thing you can 100% trust. pic.twitter.com/m9uRs7tBr5
— Eric Balchunas (@EricBalchunas) January 24, 2024
On January 23rd, the outflow from GBTC reached $515 million, followed by $640 million on the 22nd.
In total, over a span of nine trading days, the Bitcoin Trust lost 106,092 BTC, equivalent to approximately $4.4 billion in value.
Despite the recent outflows, Grayscale CEO Michael Sonnenshein believes that most of the 11 spot Bitcoin ETFs approved
Read more on cryptonews.com
