GBTC outflows overpower spot bitcoin ETF inflows

By Adam James • Edited by Vishal Chawla
Markets•April 9, 2024, 2:54AM EDT
UPDATED: April 9, 2024, 6:12AM EDT
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GBTC outflows overpower spot bitcoin ETF inflows

Quick Take

  • GBTC continues to experience significant outflows.
  • Every other spot bitcoin ETF experienced net inflows yesterday.
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Spot bitcoin exchange-traded funds in the United States experienced net outflows yesterday after four straight days of inflows.

The primary reason was Grayscale's GBTC spot ETF, which saw a single-day net outflow of over $303 million. Every other bitcoin ETF saw net inflows — led by Bitwise Bitcoin ETF's more than $40 million net inflow and BlackTock's iShares Bitcoin Trust's more than $21 million net inflow — according to data from SoSoValue.

When taken in combination, the total net outflow among spot bitcoin ETFs amounted to nearly $224 million.

When looking at the past week, nearly $1 billion in bitcoin flowed into the U.S. bitcoin ETFs — with BlackRock's product devouring the lion's share.

Overall, cumulative spot bitcoin ETF volumes have decreased at a steady rate since peaking in early March.

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The price of bitcoin is currently above $70,500, according to The Block's Bitcoin Price Page.