Spot bitcoin ETFs snap brief inflow streak as GBTC outflows overpower
Quick Take
- While every other spot bitcoin ETF had inflows or no flows, GBTC’s significant outflows overpowered the market.
Spot bitcoin exchange-traded funds listed in the United States saw total net outflows of $15.64 million yesterday, according to data from SoSo Value — snapping a brief two-day streak of inflows and resuming a recent trend of outflows.
Grayscale's converted Bitcoin Trust was again the primary culprit, with $29 million flowing out of GBTC yesterday. It had previously recorded two consecutive days of net inflows after ending a 78-day streak of outflows last week.
Every other spot bitcoin ETF had either positive net inflows or no net flows. The Fidelity Wise Origin Bitcoin Fund had a net inflow of $4 million, while the ARK 21Shares Bitcoin ETF and Invesco Galaxy Bitcoin ETF brought in $3 million and $6 million, respectively.
Cumulative total net inflows into U.S.-listed spot bitcoin ETFs since their listing has decreased to $11.76 billion.
Overall, the spot bitcoin ETF market has cooled off after its post-listings fervor, with volumes steadily trending downward since peaking on March 5, according to The Block's data. Cumulative volume is approaching $250 billion.
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