According to Blockworks, demand for spot Bitcoin ETFs has slowed down on the eve of Bitcoin halving. According to Farside Investors, such funds saw net outflows for the fifth consecutive day on Thursday, although only about $4 million. The five-day net outflow from April 12 totaled $319 million, an average of $64 million per day. It peaked on Wednesday, with $165 million leaving 11 fund sectors that day.
Such a streak of outflows has only occurred once before, when the U.S. spot Bitcoin ETF lost assets every day from March 18 to March 22. These outflows were heavier than the most recent active streak, totaling $888 million.
The main cause of net outflows was Grayscale Bitcoin Trust (GBTC). This higher-priced fund, which was converted to an ETF in January, has seen an average daily net outflow of $116 million over the past five trading days. In addition to GBTC, Ark 21Shares Bitcoin ETF (ARKB) also saw net outflows, with $43 million leaving the fund on Wednesday.
