• April 23, 2024

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Outflows from Bitcoin ETFs Resume

ByLouis Adams

Apr 3, 2024 #Bitcoin
Reading time: < 1 minute

According to SoSoValue, net outflows from spot Bitcoin ETFs reached $85.8 million on April 1. However, on the fifth trading day, the trend switched to negative as Grayscale’s GBTC experienced a loss of $302.6 million in client funds.

Despite receipts of $165.85 million from BlackRock and $44 million from Fidelity to their respective products IBIT and FBTC, it was not enough to offset the outflow from GBTC, which has exceeded $15 billion since its approval.

In terms of Bitcoin, GBTC’s balance has decreased from 619,000 BTC to 333,619 BTC ($22 billion), while IBIT and FBTC saw an increase to 255,050 BTC ($16.85 billion) and 146,600 BTC ($9.69 billion), respectively.

This marks the first ever outflow of $0.3 million from ARKB, a product from Ark Invest 21Shares.