On Monday, spot Bitcoin exchange-traded funds (ETFs) returned to net outflows after recording net inflows throughout the previous trading week, totaling $860 million. This shift comes as Grayscale’s converted GBTC fund witnessed outflows amounting to $302.6 million, leading to a total net outflow of $85.7 million.
Grayscale’s GBTC fund, known for its higher fees, experienced a drop in outflows from a peak of $642.5 million on March 18 to $104.9 million on March 28, raising hopes of a slowdown in selling pressure. However, Monday’s outflows marked a resurgence above its daily average of $274 million. Analysts had anticipated a decrease in selling pressure, making Monday’s figure higher than expected.
With Monday’s outflows, Grayscale’s GBTC fund has now seen total outflows exceeding $15 billion since trading began on Jan. 11. In bitcoin terms, the converted fund has declined by 46%, from approximately 619,000 BTC to 333,619 BTC ($22 billion) over the period.
BlackRock’s IBIT ETF, which has accumulated the most bitcoin under management at over 252,000 BTC ($17 billion), recorded inflows of $165.9 million. However, these inflows were insufficient to offset the outflows from Grayscale’s GBTC fund.
Fidelity’s FBTC ETF followed with $44 million worth of inflows on Monday, while Invesco’s BTCO ETF recorded $4.2 million in inflows. Notably, Ark Invest 21Shares’s ARKB ETF experienced its first outflows since trading began on Jan. 11, losing $300,000. The remaining funds saw inflows ranging from zero to $2 million, bringing total net inflows to just over $12 billion.
Earlier this month, a Coinbase report suggested that Genesis Global Holdco LLC’s potential sale of 35.9 million GBTC shares, valued at around $2 billion, might have contributed to the recent GBTC selling pressure.
