Cryptocurrency Market News: Spot Bitcoin ETFs Shift to Outflows Ahead of Halving
Bitcoin (BTCUSD) traded flat while spot bitcoin exchange-traded funds (ETFs), which have been driving up bitcoin demand and consequently its price, experienced a rare week of net outflows as the markets geared up for the halving event later this week.
Uniswap Labs received a Wells notice from the U.S. Securities and Exchange Commission (SEC). Monad Labs raised $225 million from Paradigm and others.
Last week, U.S. spot bitcoin ETFs experienced net outflows, a rare occurrence that has only happened three times since these funds were introduced in January.
Between April 8 and April 12, the category, which comprises 11 funds, reported a loss of about $83 million in assets, according to data from BitMEX Research.This represents a significant swing from the previous week's net inflows of $485 million. Despite this setback, spot bitcoin ETFs have amassed $12.5 billion in net positive inflows since they were launched.
Notably, the Grayscale Bitcoin Trust ETF (GBTC) continued to post a decline, with $767 million exiting the fund last week alone. In contrast, other leading funds such as BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) brought in $487 million and $90 million, respectively, but these gains were insufficient to counterbalance the substantial outflows from GBTC.
Demand generated by spot bitcoin ETFs has been credited for the recent rally in bitcoin prices, and it is also considered a key differentiator for the upcoming bitcoin halving versus prior instances.
Decentralized crypto exchange Uniswap last week disclosed receiving a Wells notice from the SEC, indicating impending enforcement actions.
This led to a sharp drop in the price of Uniswap's native token, UNI, falling
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