US Spot Bitcoin ETFs Witness Third Consecutive Day Of Outflows
Spot bitcoin exchange-traded funds in the United States witnessed net outflows for the third consecutive day, with over $58 million exiting the products, bringing the cumulative total net inflow to approximately $12.43 billion.
Grayscale’s converted bitcoin trust, GBTC, was primarily responsible for the net outflows, with nearly $79.4 million leaving the ETF yesterday, according to data from SoSoValue. The Ark 21Shares Bitcoin ETF also experienced net outflows, with approximately $12.88 million exiting the fund. Despite this, most other spot bitcoin ETFs saw modest inflows ranging between $1.37 and $3.56 million, while the iShares Bitcoin Trust led inflows with $25.78 million brought in.
Overall, spot bitcoin ETF volumes have stabilized throughout April after declining steadily from their peak in early March, with cumulative volumes surpassing $215 billion on Monday, according to The Block’s data. Additionally, flows in either direction have contracted, with spot bitcoin ETF inflows and outflows steadily tightening since March. The price of bitcoin is currently trading above $64,300, up more than 2.6%, according to The Block’s Bitcoin Price Page, with the cryptocurrency’s block-reward halving predicted to occur on Friday.
Clever Robot News Desk 17th April 2024
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