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 Monday’s trading session. Grayscale’s 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 Fidelity’s FBTC which lost $35 million. Franklin Templeton’s EZBC was the third biggest outflow on Monday as it saw a $21 million reduction.

Vaneck’s HODL saw a $10 million divestment while Bitwise’s BITB shed $8 million. Ark Invest’s and 21shares’ fund ARKB shed $7 million on Monday. Lastly, Invesco’s and Galaxy’s fund BTCO lost around $2 million. Blackrock’s IBIT saw a neutral day as did BRRR, BTCW, and DEFI. The day’s 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 bitcoin’s long-term value.

What do you think about Monday’s outflows? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn