Data shows that U.S. spot bitcoin exchange-traded funds (ETFs) experienced negative outflows on Friday, totaling $55.1 million, with Grayscale’s Bitcoin Trust (GBTC) seeing another notable decrease. Metrics from Thursday reveal GBTC held 316,193.43 bitcoins, but after a decline of 2,048.23 bitcoins, the fund’s holdings reduced to 314,145.2 bitcoins.
US Spot Bitcoin ETFs See $55.1M Outflow; GBTC Divests 2,048 BTC Amid Market Volatility
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Blackrock and Fidelity Absorb Bitcoin Despite GBTC’s Outflow
Data from Wednesday, April 10, 2024, records that U.S. spot bitcoin ETFs observed $123.7 million in positive inflows. The positive trend continued into Thursday with $91.3 million in inflows but ceased on Friday when the ETFs registered negative outflows. Data from coinglass.com reveals outflows totaling $55.1 million, with GBTC leading these reductions.
Blackrock’s IBIT and Fidelity’s FBTC experienced inflows on Friday, yet these were insufficient to offset the overall decrease on Friday. Just two days prior, IBIT managed 266,580.08 BTC and currently oversees 269,313.77 BTC valued at $18.92 billion. On April 11, FBTC held 151,787.77 BTC, which increased to 151,853.34 BTC by the following day.
This indicates that since Wednesday, Blackrock and Fidelity’s spot BTC offerings have absorbed an additional 2,799.26 BTC from the market. Conversely, Ark Invest’s ARKB saw a minor decrease from 43,748 BTC on April 11 to 43,736 BTC as of April 12. Meanwhile, Bitwise’s BITB has added to its holdings, escalating from 33,342.90 BTC in its last report to a current total of 33,501 bitcoins.
Therefore, despite the outflows on Friday and GBTC’s decline by 2,048.23 BTC, the reserves of IBIT, FBTC, and BITB have expanded. This week also signifies the point where GBTC has surpassed a net divestment of 300,000 bitcoins since Jan. 12, 2024. At that time, Grayscale’s trust managed 617,079.99 BTC and has since witnessed a depletion of 302,934.79 BTC, valued at over $19 billion using today’s exchange rates.
What do you think about the outflows witnessed on Friday and GBTC divesting 2,048.23 bitcoins? Share your thoughts and opinions about this subject in the comments section below.
