After four days of consecutive inflows, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced a downturn, with $85.7 million flowing out during Monday’s trading hours.
US Bitcoin ETFs See $85.7M Outflow After 4 Days of Gains; Grayscale's GBTC Leads the Dip
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U.S. Spot Bitcoin ETFs’ Momentum Halted With $85.7M in Outflows, Spotlight on GBTC
Between March 25 and March 28, 2024, the U.S. spot bitcoin ETFs enjoyed an upward trend, amassing positive inflows totaling $859.7 million. However, this streak came to a halt on Monday when they saw $85.7 million in outflows, with Grayscale’s Bitcoin Trust (GBTC) emerging as the primary contributor to this decline.
Grayscale’s GBTC suffered a substantial withdrawal of $302 million, underscoring the ongoing exodus from GBTC. Bloomberg ETF analyst James Seyffart commented on X, “It’s actually a $302.6 [million] outflow for GBTC today — honestly higher than I expected,” expressing surprise at the magnitude of the outflow. “Thought this [would] have slowed down by now.”
Currently, GBTC’s holdings amount to a massive 333,619.19 BTC, valued at approximately $21.7 billion. Two days prior, records show GBTC possessed 335,153.86 BTC, indicating a sale of 1,534.67 BTC, worth just over $100 million. GBTC has faced consistent outflows during every trading session so far.
Historically, GBTC has held significantly more bitcoin, with a count of 617,079.99 BTC on Jan. 12, 2024. Over a span of 81 days, a staggering 283,460.80 BTC has been withdrawn from GBTC’s reserves. Meanwhile, Blackrock’s Ishares Bitcoin Trust (IBIT) is quickly catching up, currently holding 254,403.54 BTC. Should IBIT surpass GBTC, Grayscale will lose its crown as the leading BTC ETF regarding assets under management (AUM).
What do you think about Monday’s bitcoin ETF outflows? Let us know what you think about this subject in the comments section below.
