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CDS Crypto News Bitcoin ETFs Face $37.29 Million in Outflows; GBTC Experiences Significant Net Exit

Crypto News

Bitcoin ETFs Face $37.29 Million in Outflows; GBTC Experiences Significant Net Exit

Ecem EFE05/09/20242 Mins read69

Bitcoin Etfs Face $37.29 Million In Outflows; Gbtc Experiences Significant Net Exit

Bitcoin ETF Trading Volume Declines to $1.41 Billion Amid Persistent Outflows

Bitcoin ETFs – On Wednesday, Grayscale’s GBTC led the outflows among spot Bitcoin ETFs, with $34.25 million exiting the fund. This significant movement contributed to a broader trend of negative flows in the Bitcoin ETF market.

Table of Contents

Bitcoin Trading Update

Bitcoin saw a modest increase of 0.97% over the past 24 hours, trading at $57,276 at the time of writing. This slight uptick contrasts with the ongoing outflow trend observed in the Bitcoin ETF space.

Outflows in U.S. Bitcoin Spot ETFs

On Wednesday, U.S. spot Bitcoin ETFs experienced a total of $37.29 million in outflows. This marks the sixth consecutive day of negative flows for these products.

Grayscale’s GBTC, the second-largest spot Bitcoin ETF by net assets, was at the forefront of this trend, leading with $34.25 million in net outflows. Fidelity’s FBTC recorded $7.59 million in net outflows, while VanEck’s HODL saw $4.91 million exit the fund.

In contrast, Bitwise’s BITB was the only spot Bitcoin ETF to experience net inflows, with $9.46 million flowing into the fund. BlackRock’s IBIT, the largest spot Bitcoin ETF, recorded zero flows on Wednesday. Additionally, seven other ETFs also saw zero flows for the day.

The total daily trading volume for the 12 Bitcoin ETFs decreased to $1.41 billion on Wednesday, down from $1.56 billion the previous day.

Ether ETFs Face Outflows

The trend of outflows extended to Ethereum as well. U.S. spot Ethereum ETFs experienced $37.51 million in net outflows on Wednesday, marking the second consecutive day of negative flows.

The Grayscale Ethereum Trust (ETHE) saw $40.63 million in net outflows, while the Grayscale Ethereum Mini Trust (ETH) recorded inflows of $3.12 million. The remaining seven spot ether ETFs recorded no flows on Wednesday.

The total trading volume of the nine spot ether ETFs decreased to $145.86 million on Wednesday, down from $163.5 million the day before.

FAQ

What caused the recent outflows from Bitcoin ETFs?

The recent outflows from Bitcoin ETFs, including Grayscale’s GBTC, were driven by investor sentiment and market trends. On Wednesday, Grayscale’s GBTC led the outflows with $34.25 million, contributing to a total of $37.29 million in outflows from U.S. spot Bitcoin ETFs. This marks the sixth consecutive day of negative flows for these products.

How did Bitcoin’s price perform recently?

Bitcoin saw a modest increase of 0.97% over the past 24 hours, trading at $57,276 at the time of writing. Despite this slight rise in price, Bitcoin ETFs experienced significant outflows.

Which Bitcoin ETFs experienced the highest outflows?

On Wednesday, Grayscale’s GBTC experienced the highest outflows with $34.25 million. Fidelity’s FBTC saw $7.59 million in outflows, and VanEck’s HODL had $4.91 million exit the fund.