Bitcoin ETFs in the US Experience $140 Million Exodus Amid Investor Departure

Bitcoin ETFs See $140 Million Drain as Investors Withdraw

Crypto News- Spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced their fifth consecutive day of net outflows on Thursday, with $139.88 million exiting the funds.

Grayscale’s GBTC led the outflows with $53 million, followed closely by Fidelity’s FBTC at $51 million, according to data from SoSoValue. Bitwise’s BITB reported $32 million in net outflows, and VanEck’s ETF saw $4 million leave. Invesco and Galaxy Digital’s fund recorded $2 million in outflows.

BlackRock’s IBIT Bucks the Trend

In contrast, BlackRock’s IBIT, the largest spot bitcoin ETF by net asset value, saw a rare positive day with $1 million in net inflows and a daily trading volume of $565 million. Other funds, including those from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree, and Hashdex, had no net flows on Thursday.

Overall Trading Volume Declines

The total trading volume for these ETFs amounted to $1.16 billion on Thursday, down from $1.7 billion on Tuesday. Since their inception in January, the 11 spot bitcoin funds have amassed a total net inflow of $14.67 billion as of Thursday. It’s worth noting the market was closed on Wednesday for a public holiday. The price of bitcoin fell 1% over the past 24 hours, reaching $64,471 at the time of writing, according to The Block’s bitcoin price page.

International ETF Developments

In other 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, providing bitcoin exposure by investing in the U.S.-listed VanEck Bitcoin Trust (HODL). Despite Australia having spot crypto ETFs since 2022, this addition aims to keep pace with the growing crypto ETF trend in the U.S. and Hong Kong.

US Moves Toward Spot Ether ETFs

Meanwhile, U.S. ETF issuers are making progress toward launching the country’s first spot ether funds. According to sources, issuers received feedback from the Securities and Exchange Commission last week on their S-1 forms for ether ETFs and are working to submit amended forms by Friday, as reported by The Block earlier this week.

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