Ongoing Withdrawals Challenge US Bitcoin ETFs, Nearly $175M Exited Monday
At the start of the week, U.S. spot bitcoin exchange-traded funds experienced their seventh consecutive day of net outflows, losing $174.45 million during Mondayâs trading session. Grayscaleâs Bitcoin Trust (GBTC) was impacted most, seeing approximately $90 million in outflows.
GBTC Leads Outflow as Bitcoin ETFs See Continued Decline
On Monday, another day of outflows hit the 11 spot bitcoin exchange-traded funds (ETFs) as seven different funds saw losses. GBTC was the leader in terms of losses, losing $90 million in outflows, while it was followed by Fidelityâs FBTC which lost $35 million. Franklin Templetonâs EZBC was the third biggest outflow on Monday as it saw a $21 million reduction.
Vaneckâs HODL saw a $10 million divestment while Bitwiseâs BITB shed $8 million. Ark Investâs and 21sharesâ fund ARKB shed $7 million on Monday. Lastly, Invescoâs and Galaxyâs fund BTCO lost around $2 million. Blackrockâs IBIT saw a neutral day as did BRRR, BTCW, and DEFI. The dayâs reduction brings the cumulative total net inflows from all 11 funds to $14.39 billion.
Currently, the 11 ETFs hold $51.53 billion in BTC reserves. As U.S. spot bitcoin ETFs navigate a persistent phase of withdrawals, the shifting tides of investor sentiment underscore a cautious approach amidst fluctuating market conditions. Despite these recent setbacks, the substantial reserves maintained by these funds highlight a strong foundational confidence in bitcoinâs long-term value.
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