Multiple Bitcoin ETFs Report Net Outflows, GBTC OutFlows Cross $17 Billion

Spot Bitcoin ETFs in the United States recorded one of the biggest outflows so far in the month of April on Thursday. Yesterday, the total outflows across all ten spot Bitcoin ETFs stood at a staggering $217 million. The Grayscale Bitcoin ETF GBTC led the pack with $140 million in outflows.

Multiple Bitcoin ETFs See Outflows

Along with Grayscale’s GBTC, several other Bitcoin ETFs recorded net outflows on Thursday. After GBTC, Ark Invest’s Bitcoin ETF ARKB recorded the most outflows at $31.3 million, as per data from Farside Investors. On the other hand, Fidelity’s ETF FBTC recorded $22.6 million in outflows, Valkyrie’s ETF BRRR saw $20 million in outflows, and Bitwise’s ETF BITB saw $6 million in outflows.

On the other hand, BlackRock’s IBIT ETF saw the second consecutive day of zero inflows this week. This is indicating that after a strong start to Bitcoin ETF since its launch in January, fresh capital inflows in the asset class have been drying up. Despite the strong Bitcoin ETF trading activity, the overall flows have turned negative for the time being.

The massive outflows from BTC ETF come just on the day when US stock indices faltered following weak US GDP Growth data. As a result, Bitcoin and the broader cryptocurrency market faced a major price correction on Thursday.

Amid the cooling business activity in the U.S., access to liquidity is likely to be limited going ahead. On the other hand, high inflation has continued to spark worries leading to expectations that the Fed will continue to hold the interest rates higher for longer.

Slowdown in ETF Inflows to Continue

Earlier this week, Standard Chartered, a UK-based bank, released a report attributing the deceleration in ETF inflows to a variety of factors.

Geoff Kendrick, the lead author of the report, pointed to macroeconomic factors such as “increased Treasury yields and a more complex environment for risk assets influenced by geopolitical events in the Middle East.” Kendrick suggested that “the initial surge of ETF purchases may have largely concluded,” indicating that the subsequent influx of funds will hinge on the incorporation of spot Bitcoin ETFs into “more extensive macro funds.”

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.