Record $680 million daily outflows hit US spot bitcoin ETFs, ending positive flow streak
Quick Take
- On Thursday, the spot bitcoin ETFs in the U.S. saw daily net outflows of $680 million as bitcoin dipped below the $100,000 level.
- Fidelity’s FBTC led the negative flows yesterday, with $208.6 million in outflows.
U.S. spot bitcoin exchange-traded funds recorded their largest single-day outflows ever on Thursday, with $680 million exiting the products. This ended a 15-day streak of positive flows.
Fidelity’s FBTC led the negative flows yesterday, with $208.6 million in outflows, according to SoSoValue data. Grayscale’s Bitcoin Mini Trust recorded outflows of $188.6 million, and Ark and 21Shares’ ARKB logged $108.4 million in outflows.
Grayscale’s GBTC saw $87.9 million leave the fund. Bitwise’s BITB experienced outflows of $43.6 million, and VanEck’s and Valkyrie’s ETFs also saw outflows.
BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, reported zero flows yesterday. WisdomTree’s BTCW was the only fund among the 12 ETFs to record positive flows, with $2 million in inflows.
The trading volume of the 12 spot bitcoin ETFs reached $6.3 billion on Thursday, up from $5.9 million the day before.
On Thursday, Bitcoin dipped below the $100,000 level following Fed Chair Jerome Powell’s hawkish speech. The world’s largest cryptocurrency traded down 4.2% over the past 24 hours to around $97,061 at the time of writing, according to The Block’s price page. Ether lost 7.9% to change hands at $3,380.
The Block’s GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, dropped 6.3% in the past 24 hours.
Meanwhile, spot Ethereum ETFs in the U.S. recorded $60.5 million in outflows on Thursday, marking the end of an 18-day streak of inflows.
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