Investors Withdraw $635 Million from US Spot Bitcoin ETFs in 5-Day Outflow Streak
U.S. spot bitcoin exchange-traded funds (ETFs) have recorded their fifth consecutive day of net withdrawals, amounting to a significant $161.6 million in outflows.
In the past two days alone, Grayscale’s Bitcoin Trust (GBTC) has sold off 1,731.56 BTC, reducing its reserves to 296,713.90 BTC. This persistent trend of outflows for U.S. spot bitcoin ETFs began on April 24, 2024, totaling $635 million over five consecutive days. The largest outflow occurred last Thursday, with BTC-centric ETFs shedding $217.6 million, followed by yesterday’s outflow of $161.6 million. GBTC has notably seen daily outflows since its launch on Jan. 11, 2024, setting new records for ETF outflows.
As of now, FBTC holds 152,902.72 BTC, ARKB manages 43,241 BTC, and Bitwise’s BITB fund holds 33,421.46 BTC after experiencing three days of outflows, one day of stability, and one day of inflows. Noteworthy is Tuesday’s surge in trading volume to $2.85 billion, surpassing previous volumes and highlighting the $120.6 million net reductions observed on April 24.
Clever Robot News Desk 2nd May 2024
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