US spot bitcoin ETFs continue to bleed with $37 million in net outflows
Quick Take
- Grayscale’s GBTC led the outflows of spot bitcoin ETFs on Wednesday, with $34.25 million leaving the fund.
- Bitcoin edged up 0.97% over the past 24 hours to trade at $57,276 at the time of writing.
Spot bitcoin exchange-traded funds in the U.S. saw $37.29 million exit the products on Wednesday, extending their streak of negative flows to six days.
SosoValue data showed that on Wednesday, Grayscale’s GBTC, the second-largest spot bitcoin ETF by net assets, led the negative flows with $34.25 million in net outflows. Fidelity’s FBTC also recorded $7.59 million in net outflows, and VanEck’s HODL saw $4.91 million leave the fund.
Bitwise’s BITB was the only spot bitcoin ETF to see net inflows, with $9.46 million flowing into the fund. BlackRock’s IBIT, the largest spot bitcoin ETF, logged zero flows on Wednesday. Seven other ETFs also saw zero flows for the day.
The total daily trading volume for the 12 ETFs shrank to $1.41 billion on Wednesday from $1.56 billion on Tuesday.
Ether ETFs also logged outflows
Meanwhile, U.S. spot Ethereum ETFs experienced $37.51 million in net outflows, marking the second consecutive day of negative flows.
The Grayscale Ethereum Trust (ETHE) recorded $40.63 million in net outflows, while the Grayscale Ethereum Mini Trust (ETH) saw inflows of $3.12 million.
The seven other spot ether ETFs recorded no flows on Wednesday.
The total trading volume of the nine spot ether ETFs decreased to $145.86 million on Wednesday from $163.5 million the day before.
The price of bitcoin edged up 0.97% over the past 24 hours to trade at $57,276 at the time of writing, while ether climbed 1.61% to change hands at $2,417, according to The Block’s price page.
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