Spot Bitcoin ETFs Outflow Net $224M Despite BTC’s Jump Above $72K

Monday, April 8, saw an aggregate outflow of $224 million from the newly launched eleven spot Bitcoin ETFs, according to preliminary data from Farside Investors.

This reverses four days of inflows, during which a total net of $570 million flowed into the institutional investment products.

This week’s outflow was again exacerbated by Grayscale, which saw its largest GBTC outflow since March 25.

ETF Momentum Waning?

GBTC shed $303 million on the day, which was around 4,300 BTC. Its total outflow since the fund was converted to a spot ETF in January is $15.8 billion, which is equivalent to 48% of the BTC held in it before the conversion.

HODL15Capital noted that despite GBTC outflows, the new ETFs bought 520,544 BTC in three months, resulting in a net increase of around 220,000 BTC.

BlackRock and Fidelity both had very low inflow days, with $21.3 million and $6.3 million, respectively.

The day’s leading fund was the Bitwise BITB ETF, which had an inflow of $40.3 million. ARK 21Shares’ ARKB was third with a $9.3 million inflow, but in general, ETF inflow figures were weak.

Bloomberg ETF analyst Eric Balchunas looked at the bigger picture, reporting that IBIT (BlackRock) and FBTC (Fidelity) have now taken cash for 59 straight days and are now in the top 20 all-time.

MOVIN ON UP: $IBIT and $FBTC have now taken cash for 59 straight days and are now in the Top 20 all-time. (That said they in league of own when it comes to active streaks or streaks for newborns) via ⁦@thetrinianalyst⁩ pic.twitter.com/3cdYorXjOT

— Eric Balchunas (@EricBalchunas) April 8, 2024

The outflow comes as Bitcoin prices reached their highest level for over three weeks, tapping $72,500 in late trading on April 8. The asset has pulled back slightly during the Tuesday morning Asian trading session, changing hands for $71,181 at the time of writing.

Volatility has been predicted this week as several key inflation indicators are released in the United States.

ETF News Roundup

On April 8, Bloomberg ETF analyst James Seyffart reported that Defiance just filed for a 2x leveraged Ethereum futures ETF, which could potentially trade under the ticker ETHL.

He added that this is the same company that recently filed for a 2x leveraged Microstrategy ETF.

Seyffart also reported that the decision on whether or not to allow options on spot Bitcoin ETFs has been delayed by the SEC.

He added that these need approval from several regulators, including the SEC, CFTC, and OCC, so it “could take a while, and there’s no set time frame for all of it to be done.”

Decision on whether or not to allow options on the spot #Bitcoin ETFs has been delayed by SEC. pic.twitter.com/8brzSaw32c

— James Seyffart (@JSeyff) April 8, 2024