Spot bitcoin exchange-traded funds (ETFs) in the United States witnessed net outflows yesterday following four consecutive days of inflows.
The primary driver behind this shift was Grayscale’s GBTC spot ETF, which experienced a single-day net outflow of over $303 million. Conversely, every other bitcoin ETF observed net inflows during the same period, with Bitwise Bitcoin ETF leading the way with a net inflow of more than $40 million, followed by BlackTock’s iShares Bitcoin Trust with a net inflow of over $21 million, according to data from SoSoValue.
When combined, the total net outflow among spot bitcoin ETFs amounted to nearly $224 million. Despite this, over the past week, nearly $1 billion in bitcoin flowed into U.S. bitcoin ETFs, with BlackRock’s product capturing the majority of the inflows.
Overall, cumulative spot bitcoin ETF volumes have steadily decreased since peaking in early March, reflecting a potential shift in investor sentiment or market dynamics. This recent divergence in flows suggests a nuanced landscape within the bitcoin ETF market, with different funds experiencing varying levels of investor interest and activity.