U.S. spot bitcoin exchange-traded funds (ETFs) experienced three consecutive days of net outflows, with a loss of $58 million on Tuesday. Leading the outflow for the day was Grayscale’s GBTC.
Blackrock Closes in on Grayscale in the Battle for the ‘World’s Largest’ Bitcoin ETF
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After Another Day of Outflow, IBIT Nears GBTC as Potential Leader in Spot Bitcoin ETF Market
Grayscale’s GBTC continued to report reductions in its bitcoin ( BTC) reserves following two days of significant outflows—a $55.1 million drop on Friday and a $36.7 million decline on Monday.
The reduction continued into Tuesday’s session with a $58 million decrease. Trading volume on Tuesday reached $2.45 billion, which was lower than the volumes recorded on Monday and Friday.
Meanwhile, Blackrock’s IBIT emerged as the day’s top gainer, attracting just over $25 million in inflows. As of Tuesday, Grayscale’s GBTC recorded holdings of 311,621.1 BTC, according to the fund’s web portal, dropping to 309,871.38 BTC by Wednesday, April 17.
The Ark Invest 21shares ETF, known as ARKB, also experienced outflows, with $12.8 million departing the fund. On April 12, ARKB’s assets included 43,736 BTC, which decreased slightly to 43,531 BTC by Wednesday. Fidelity’s FBTC, on the other hand, slightly increased its holdings from 151,853.34 BTC on April 16 to the current 151,875.22 BTC reserves.
On April 15, Blackrock’s IBIT reported holdings of 272,138.54 BTC, which rose to 272,548.58 BTC today. While GBTC’s growth has been slowing, Blackrock’s IBIT has demonstrated notable growth. If this trend persists, Grayscale may soon cede its status as the world’s largest spot bitcoin ETF to IBIT, which is gradually closing the gap.
What do you think about IBIT nipping at GBTC’s heels in the spot bitcoin ETF race? Share your thoughts and opinions about this subject in the comments section below.
