Bitcoin ETF Records $11M Outflow As Grayscale Exodus Continues
Highlights
- The Bitcoin ETF outflows for Thursday amounted to $11.3 million.
- Grayscale's GBTC ETF was the sole contributor to the negative flows.
- The BlackRock Bitcoin ETF recorded a rebound in inflows.
On Thursday, May 9, the U.S. Spot Bitcoin ETFs recorded significant net outflows as Grayscale’s GBTC ETF outpaces the inflows by its rivals. The net outflow for the day amounted to $11.3 million. Meanwhile, Grayscale accounted for over $40 million negative flows as it sold 700 BTC.
Bitcoin ETF Outflows Surge
According to Farside UK data, Grayscale’s GBTC resumed its trend as the sole ETF facing negative flows, witnessing a total of $43.4 million outflows. Despite the outflows, GBTC remains a prominent player in the market as it broke it’s outflow trend last Friday with over $60 million influx.
On the flip side, Blackrock’s IBIT ETF witnessed a resurgence in inflows. The IBIT Bitcoin ETF saw a notable influx of $14.2 million, indicating investor confidence in this particular ETF. Furthermore, Fidelity’s Wise Bitcoin ETF (FBTC) also experienced a positive movement with a $2.7 million inflow.
Bitwise’s BITB ETF attracted $6.8 million in inflows. This solidifies its position as a preferred choice among investors as it was the only ETF with inflows on Wednesday, May 8. The BITB ETF accounted for $11.5 million inflows on Wednesday while other ETFs recorded zero flows.
Whilst, Ark 21shares (ARKB) ETF witnessed a healthy influx of $4.4 million on Thursday. WisdomTree’s BTCO and Franklin Templeton’s EZBC Bitcoin ETF both saw modest inflows. The BTCO and EZBC ETFs registered an influx of $2.2 million and $1.8 million respectively.
However, it’s worth noting that other ETFs, including those of Hashdex, VanEck, Valkyrie, and Invesco Galaxy, didn’t witness any flows on Thursday. This suggests a lack of interest in these Spot Bitcoin ETF products.
Also Read: Chicago Hedge Fund CTC Alternative Holds 685K BlackRock BTC ETF
BTC Price Rebounds
Despite the negative flows in the Bitcoin ETF arena, the BTC price rebounded past $63,000 today. As of writing, the Bitcoin price was up by 3.21% to $63,138.35 with a market valuation of $1.24 trillion on Friday. Whilst, the 24-hour trading volume for BTC surged 7.11% to $26.06 billion.
Amid the recovering Bitcoin price trajectory, short sellers engaged in a liquidation spree. According to Coinglass data, short liquidations amounted to $28.14 million out of $36.94 total liquidations. The short squeeze could send the BTC price higher momentarily, however, sizeable long liquidations may obstruct the rally.
Also Read: Breaking: MassMutual Adds Bitcoin To Balance Sheet Via GBTC Bitcoin ETF
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