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Bitcoin ETF Sees Record Outflows ($328M) – Trend Reversal?

Bitcoin ETF Sees Record Outflows ($328M) – Trend Reversal?

Bitcoin ETF Sees Record Outflows $328M. The week that concluded on April 26, 2024, saw significant swings in net flows for Bitcoin Spot ETFs in the United States. Furthermore, as they lost traction, these ETFs recorded a massive weekly net outflow of $328 million. Moreover, this spike in withdrawals came before the price of Bitcoin crashed, which sparked the decline. 


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A Weekly Look At The Bitcoin ETF Flow

Vigorous activity started the week, with $62.02 million in net inflows across multiple Spot BTC ETFs. Fidelity’s FBTC saw a noteworthy single-day net inflow of $34.83 million, while Grayscale’s GBTC saw a single-day net outflow of $34.993 million. Additionally, $19.4 million was added to BlackRock’s IBIT Bitcoin ETF, extending its inflow streak to 70 days following inception. 

Furthermore, the encouraging trend persisted on Tuesday, April 23, when Farside U.K. data showed net inflows of $31.6 million into Bitcoin ETFs. Notable inflows from BlackRock’s IBIT and Ark 21Shares’ ARKB led the rise, in contrast to Grayscale’s larger withdrawals that day. However, the inflows halved from the previous day owing to GBTC’s soaring withdrawals. 

After that, on Wednesday, April 24, a shift occurred with net outflows of $120 million, coinciding with a peak in trading activity. GBTC (Grayscale) saw the most outflow, and FBTC (Fidelity) saw the most significant net inflow. 

The outflows from Bitcoin ETFs accelerated on Thursday, April 25, hitting an astounding $217 million in all 10 Spot Bitcoin ETFs. Grayscale’s GBTC led with $140 million in outflows, followed by other ETFs experiencing significant withdrawals. 

On Friday, April 26, outflows persisted, totalling $83.6 million, with Grayscale’s GBTC showing a slowed outflow compared to previous days. Notably, the only ETF seeing inflows was ARKB from Ark 21Shares. There was a $5.4 million inflow into the ARKB Bitcoin ETF. The week as a whole showed an enormous outflow of $328 million. 


What Happens To Spot BTC ETFs Next? 

After a significant decline in the cryptocurrency market, conjectures about the future of Bitcoin ETFs have surfaced. This comes after recent research that showed that investment vehicles experienced a new drop. Particularly worrying is the recent declaration by the Deposit Trust Company (DTCC) about the pricing of collateral for ETFs incorporating BTC or other cryptocurrencies, sparking unease among investors. 

The environment for U.S. Spot Bitcoin ETFs has been turbulent lately, and this week saw notable capital withdrawals. This trend has raised worries among investors regarding dwindling interest from big players on Wall Street in the dominant cryptocurrency. Moreover, this event played a role in the recent decline in the cryptocurrency market. 

Furthermore, a recent report from 10X Research has called into question the BTC ETF market. It cited the DTCC’s plan to impose a 100% haircut on ETFs that have exposure to cryptocurrencies beginning on April 30. There are rumours that the inflows into Bitcoin ETFs could be about to reverse. Meanwhile, the crypto market is grappling with heightened volatility and significant outflows from the U.S. Spot Bitcoin ETFs. 

A recent move by the DTCC to restrict collateral for crypto-backed ETFs is sending ripples through the digital asset market. This decision comes as Bitcoin struggles to maintain momentum, with analysts at 10X Research predicting a fresh downturn for Bitcoin ETFs. The DTCC’s action raises concerns about the overall health of the crypto market and could further dampen investor sentiment.

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