Recent market data highlights that spot bitcoin exchange-traded funds (ETFs) in the United States experienced a net outflow of $223.8 million on April 8, while Grayscale’s Bitcoin Trust (GBTC) saw a substantial outflow of $303 million.
GBTC Drops Nearly 3,000 BTC in a Day as Blackrock, Fidelity Command Record Inflow Streaks
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GBTC Continues to Face Steep Outflows
As of yesterday, GBTC possessed 325,686.78 BTC, but as per Grayscale’s website, this figure has diminished to 322,697.17 BTC today. This indicates a reduction of 2,989.61 BTC from its holdings in just one day. On April 8, the fund experienced a substantial outflow of $303 million, dragging the total net flows of all ETFs into the red, even though every other fund recorded inflows.
GBTC’s holdings are currently valued at approximately $23.12 billion, and since Jan. 12, 2024, the fund has reduced its bitcoin holdings by a total of 294,382.82 BTC. Since Monday, Blackrock has added 296.16 BTC, bringing its reserves from 263,937.48 BTC to 264,233.64 BTC. Similarly, Fidelity’s bitcoin reserves grew from 150,563.50 BTC to 150,650.94 BTC within a day.
Ark Invest saw its bitcoin reserves increase from 43,513 BTC to 43,643 BTC. Bitwise’s BITB experienced growth in its bitcoin holdings from 32,377.97 BTC on Monday to 32,939.48 BTC by Tuesday. During Monday’s trading, IBIT, FBTC, ARKB, BITB, and BTCO experienced the most significant inflows, with the day’s trading volume reaching $3.15 billion, a substantial portion of which was dominated by IBIT and GBTC.
Blackrock’s IBIT and Fidelity’s FBTC are setting new records for the longest sequences of daily inflows. Bloomberg ETF analyst Eric Balchunas highlighted this achievement on Monday, noting that IBIT and FBTC are among the top 20 for the longest inflow streaks. “Moving on up,” Balchunas wrote on X. “IBIT and FBTC have now taken cash for 59 straight days and are now in the Top 20 all-time. (That said they [are in a league of their own] when it comes to active streaks or streaks for newborns).”
What do you think about the outflows Grayscale’s GBTC has been facing and the record streak of inflows from IBIT and FBTC? Share your thoughts and opinions about this subject in the comments section below.
