Spot bitcoin ETFs snap brief inflow streak as GBTC outflows overpower

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The Block2024/05/08 08:16

By:Adam James

While every other spot bitcoin ETF had inflows or no flows, GBTC’s significant outflows overpowered the market.

Spot bitcoin ETFs snap brief inflow streak as GBTC outflows overpower image 0

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 BTC -2.66% 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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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