Only one spot bitcoin ETF recorded inflows yesterday

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The Block2024/05/09 08:16

By:Adam James

Only the Bitwise Bitcoin ETF recorded net inflows yesterday, according to data from SoSo Value.Grayscale’s converted Bitcoin Trust experienced no net outflows.

Only one spot bitcoin ETF recorded inflows yesterday image 0

Spot bitcoin exchange-traded funds listed in the United States saw net inflows yesterday off the back of Grayscale's converted Bitcoin BTC -1.49% Trust, GBTC, experiencing no net inflows or outflows.

GBTC has primarily seen heavy outflows since converting to a spot bitcoin ETF — often overpowering inflows into other products. It has seen some $17 billion in net outflows, according to data from SoSo Value.

No Bitcoin ETFs saw net inflows or outflows yesterday, except for the Bitwise Bitcoin ETF, which had inflows of about $12 million , according to the same data.

Since their respective listings, spot bitcoin ETFs in the U.S. have seen a cumulative net inflow of $11.77 billion. However, volumes continue to decline steadily since peaking in early March, according to The Block's data.

In related crypto ETF news, a proposal to list and trade shares of Grayscale's ether futures ETF has been withdrawn while the Securities and Exchange Commission has delayed deciding on spot Ethereum ETFs.

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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