Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have experienced a reversal in investor sentiment, seeing net outflows following four consecutive days of inflows.
The significant contributor to the shift was Grayscale’s GBTC spot ETF, which recorded a single-day net outflow surpassing $303 million.
However, other Bitcoin ETFs saw net inflows during this period, with Bitwise Bitcoin ETF leading the way with a net inflow exceeding $40 million, followed by BlackRock’s iShares Bitcoin Trust with a net inflow of over $21 million, as per data from Farside .
When considering the collective impact, the total net outflow across spot Bitcoin ETFs amounted to nearly $224 million.
It is worth noting that over the past week, nearly $1 billion flowed into U.S.-based Bitcoin ETFs, with BlackRock’s offering capturing the majority of the funds.
Although Grayscale’s GBTC experienced outflows, HODL15Capital highlighted that the new ETFs acquired 520,544 BTC in three months, resulting in a net increase of approximately 220,000 BTC.
On the specific day, BlackRock and Fidelity had relatively low inflows, with $21.3 million and $6.3 million, respectively.
4/8 net negative due to $303m GBTC outflows.$GBTC had 620,000 #Bitcoin at the time of the ETF conversion and has lost 300,742 BTC since.
On the flip side, the new ETFs bought 520,544 Bitcoin in 3 months, for a net increase of ~220,000 BTC.
— HODL15Capital
Read more on cryptonews.com