US Spot Bitcoin ETFs Report 5 Straight Days of Outflows, Totaling $635 Million

On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) registered their fifth consecutive day of net withdrawals, documenting a substantial $161.6 million in negative outflows. Over the last two days, Grayscale’s Bitcoin Trust (GBTC) has offloaded 1,731.56 BTC, diminishing its reserves to 296,713.90 BTC.

Bitcoin ETFs Continue to See Persistent Outflows

Since April 24, 2024, U.S. spot bitcoin ETFs have experienced five straight days of net outflows totaling $635 million. The most significant reduction occurred last Thursday, when BTC-centric ETFs offloaded $217.6 million. Yesterday’s activity ranked as the second highest, with $161.6 million exiting the funds. Notably, GBTC has consistently posted outflows daily since it began trading on Jan. 11, 2024, shattering all previous ETF outflow records ever documented.

Two days ago, GBTC’s reserves dipped below the 300,000 BTC mark, with another 1,731.56 BTC withdrawn since Monday. As of 9:30 a.m. ET on May 1, 2024, GBTC’s holdings have decreased to 296,713.90 BTC. Grayscale values these funds at $17.55 billion in assets under management (AUM), though Wednesday’s exchange rates adjust the actual value to $17.11 billion due to BTC’s price volatility.

Blackrock’s IBIT has not recorded any new inflows and maintains a balance of 274,462.04 BTC, the same as it held two days prior. Blackrock’s estimated AUM stands at $16.45 billion, but the value as of Wednesday is closer to $15.82 billion. Meanwhile, Fidelity’s FBTC has seen several days of outflows, and Ark Invest’s ARKB has experienced a mixture of both outflows and inflows during the same period.

Currently, FBTC holds 152,902.72 BTC in reserves, while ARKB manages a portfolio of 43,241 BTC. Bitwise’s BITB fund’s reserves are at 33,421.46 BTC after three days of outflows, one day without changes, and one day of inflows. Notably, Tuesday’s trading volume spiked to $2.85 billion, dwarfing the volume of $2.56 billion and the $120.6 million in net reductions observed on April 24.

What do you think about the five straight days of outflows this week? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn