Sign Up on MEXC
Highlights
- The GBTC outflows have surged past $15 billion over the last two months since Bitcoin ETF launch.
- The GBTC outflows have ebbed under $100 billion showing a positive signal.
- ProShares unveils leverage and short Bitcoin ETFs to curb volatility.
The Grayscale Bitcoin ETF GBTC has been at the center of attention amid massive outflows taking place ever since the launch of spot Bitcoin ETFs back in January. As per data from Farside Investors, the GBTC outflows have crossed $15 billion with more than 50% of its Bitcoin holdings eroded.
Bitcoin ETF Holdings Cross $12 Billion, GBTC Outflows Ebb
In the latest report, data reveals that Bitcoin spot ETFs experienced total net inflows amounting to $39.47 million on April 2nd. Notably, Grayscale ETF GBTC recorded a single-day net outflow of $81.86 million, while BlackRock ETF IBIT saw a net inflow of $150 million.
Additionally, Fidelity ETF FBTC witnessed a net inflow of $44.77 million. The historical cumulative net inflow for Bitcoin spot ETFs reached $12.08 billion, reflecting sustained investor interest in this asset class.
However, the positive development here is that GBTC has experienced a shift in its standing within the ETF market. For the first time since its launch on January 11, 2024, GBTC is no longer the product with the largest daily outflow.
On Wednesday, ARKB’s outflow of $88 million surpasses GBTC’s outflow, which stands at $82 million. This change underscores evolving investor sentiments and dynamics within the ETF landscape.
For the first time since the ETFs launched on 11th Jan 2024, GBTC is NOT the product with the largest daily outflow
Today's ARKB outflow of $88m is larger than GBTC at $82m
Congratulations to @BarrySilbert !! https://t.co/8bYEDw3G6K
— BitMEX Research (@BitMEXResearch) April 2, 2024
New BTC ETF Products In the Market
On Tuesday, ProShares unveiled two new exchange-traded funds (ETFs) to cater to investors seeking amplified exposure to Bitcoin’s performance. The ProShares Ultra Bitcoin ETF (BITU) tracks double the daily returns of Bitcoin as per the Bloomberg Bitcoin Index, while the ProShares UltraShort Bitcoin ETF (SBIT) offers inverse exposure to Bitcoin’s performance. Last month in March, Grayscale also filed for a mini-trust of its GBTC product.
Both ETFs feature an expense ratio of 95 basis points, providing investors with alternative avenues to engage with the cryptocurrency market. Speaking on the development, Michael O’Riordan, founding partner of Blackwater, an ETF consulting firm, said:
“It demonstrates how ETF managers can be an opportunistic bunch by trying to leverage off the positive sentiment as much as possible”.
The fluctuating Bitcoin price underscores the increasing interest in investment instruments providing leveraged and short exposure to the cryptocurrency. Despite experiencing a 10% decline since reaching a peak in mid-March, Bitcoin has surged by 54% since the beginning of the year.
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
