Bitcoin ETFs erased the prior day’s gains, posting a $100 million outflow, led by major exits from Grayscale and Bitwise. Ether ETFs also remained under pressure, logging a $4 million outflow, with Bitwise’s ETHW the sole contributor.
Bitcoin ETFs Slip Back Into Outflow Trend With $100 Million Exit
WRITTEN BY
SHARE
Bitcoin ETF Outflows Resume as $100 Million Leaves Funds, Ether ETFs Extend Losses
The brief resurgence of bitcoin exchange-traded funds (ETFs) was short-lived. After a substantial $221 million inflow on Wednesday, April 2, funds reversed course, shedding $99.86 million on Thursday, April 3, as investor sentiment wavered again.
Grayscale’s GBTC led the downturn with a hefty $60.20 million outflow, followed by Bitwise’s BITB, which saw $44.19 million exit. Fidelity’s FBTC and Ark 21Shares’ ARKB weren’t spared either, with outflows of $23.27 million and $20.05 million, respectively.
Even Vaneck’s HODL and Wisdomtree’s BTCW couldn’t escape the sell-off, posting exits of $12.18 million and $5.22 million. Despite Blackrock’s IBIT pulling in a significant $65.25 million, it wasn’t enough to offset the bearish trend.
At the close of trading, bitcoin ETFs had a total trading volume of $2.58 billion, with net assets sinking to $92.18 billion.
Ether ETFs continued their steady decline, logging a $3.59 million outflow, entirely driven by Bitwise’s ETHW. The rest of the funds remained untouched, offering no inflows to counterbalance the losses. Trading volume stood at $238.09 million, with net assets slipping further to $6.07 billion.
With bitcoin ETFs stuck in a cycle of inflows and outflows and ether ETFs showing no signs of recovery, market watchers are bracing for more volatility ahead. Will bitcoin ETFs see another sharp reversal, or is this the start of a prolonged downturn?
