US spot bitcoin ETFs shed $140 million as fund exit continues
Quick Take
- The U.S. spot bitcoin ETFs saw $139.88 million in daily net outflows on Thursday.
- This marked the fifth consecutive day of net outflows for the funds.
Spot bitcoin exchange-traded funds in the U.S. saw their fifth consecutive day of net outflows, with $139.88 million moving out from the funds on Thursday.
Grayscale’s GBTC led the pack yesterday with a daily net outflow of $53 million, closely followed by Fidelity’s FBTC, which posted outflows of $51 million, according to data from SoSoValue. Bitwise’s BITB reported $32 million in net outflows, while VanEck’s ETF logged net outflows of $4 million. The fund from Invesco and Galaxy Digital saw $2 million in net outflows.
The only net inflows came from BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net asset value. IBIT saw $1 million in net inflows and recorded $565 million in daily trade volume on Thursday. Other funds from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
The total trading volume for the ETFs amounted to $1.16 billion on Thursday, down from Tuesday’s $1.7 billion. Since their inception in January, the 11 spot bitcoin funds have accumulated a total net inflow of $14.67 billion as of Thursday. The market was closed on Wednesday for a public holiday.
The price of bitcoin fell 1% in the past 24 hours to $64,471 at the time of writing, according to The Block’s bitcoin price page.
In related ETF news, Australia’s largest stock exchange ASX listed its first spot bitcoin ETF on Thursday. The VanEck Bitcoin ETF operates as a feeder fund that provides bitcoin exposure by investing in the U.S.-listed VanEck Bitcoin Trust (HODL). Despite having had spot crypto ETFs since 2022, the addition of the bitcoin fund to ASX seemingly reflects efforts to match the crypto ETF momentum in the U.S. and Hong Kong.
Meanwhile, U.S. ETF issuers are working towards the launch of the country's first batch of spot ether funds. According to two sources, issuers received comments from the Securities and Exchange Commission last week regarding the S-1 forms for ether ETFs. They are now working to re-submit the amended forms by Friday, The Block reported earlier this week.
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