GBTC outflows overpower other spot bitcoin ETF inflows for third consecutive day

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The Block2024/04/17 05:55

By:Adam James

GBTC outflows once again overpowered inflows into other spot bitcoin ETFs.Volumes and flows have relaxed since their early March peaks.

GBTC outflows overpower other spot bitcoin ETF inflows for third consecutive day image 0

Spot bitcoin exchange-traded funds in the United States have experienced net outflows for the third consecutive day. Just over $58 million left the products yesterday, lowering the cumulative total net inflow to approximately $12.43 billion.

Grayscales converted bitcoin trust, GBTC, was largely responsible for the net outflows — per usual. Nearly $79.4 million left the ETF yesterday, according to data from SoSoValue. The Ark 21Shares Bitcoin BTC +2.00% ETF also saw net outflows, with some $12.88 million leaving the fund.

Most of the other spot bitcoin ETFs saw modest inflows ranging between $1.37 and $3.56 million, while the iShares Bitcoin Trust dominated inflows with $25.78 million being brought in.

Overall, spot bitcoin ETF volumes have steadied throughout April after a steady decline from their early March peak. Cumulative volumes topped $215 billion on Monday, according to The Block's data.

Additionally, flows in either direction have contracted. Spot bitcoin ETF inflows and outflows have steadily gotten tighter since March.

The price of bitcoin is trading above $64,300 and is up more than 2.6%, according to The Block's Bitcoin Price Page . The foremost cryptocurrency's block-reward halving is predicted to happen on Friday.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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