United States Consolidated Branch Bitcoin BTC
-6.44%
Exchange-traded funds recorded net inflows every trading day last week and turned to net outflows on Monday. 860 million dollars.
Inflows of $165.9 million from BlackRock’s main IBIT ETF were not enough to overcome $302.6 million outflows from Grayscale’s converted GBTC fund, bringing total net outflows yesterday to $85.7 million, according to CoinGlass data. It has arrived.
Fidelity’s FBTC came in second with $44 million in inflows on Monday, while Invesco’s BTCO came in third with $4.2 million. However, Ark Invest 21Shares’ ARKB ETF suffered a decline in outflows for the first time since trading began on January 11, resulting in a loss of $300,000. The remaining funds came in between $0 and $2 million. Total net inflows now amount to just over $12 billion.
GBTC selling pressure is still increasing as total outflows exceed $15 billion.
A Coinbase report earlier this month suggested that Genesis Global Holdco LLC’s possible sale of 35.9 million shares of GBTC stock, worth about $2 billion, may have sparked recent GBTC selling pressure.
Outflows from Grayscale’s high-fee GBTC fund declined from a high of $642.5 million on March 18 to $104.9 million on March 28, leading some analysts to believe this selling pressure may be slowing. Yesterday’s outflows exceeded the daily average of $274 million. However, markets were closed on Good Friday and this may affect Monday’s figures.
“There was $302.6 million outflow from GBTC today, which is frankly higher than expected,” Bloomberg ETF analyst James Seyffart wrote yesterday. “I thought it would have slowed down by now.”
Monday’s figures take GBTC’s total outflows since trading began on January 11 to more than $15 billion. According to CoinGlass, funds converted to Bitcoin basis fell 46% during that period, from approximately 619,000 BTC to 333,619 BTC ($22 billion).
BlackRock’s IBIT controls the most Bitcoin, with over 252,000 BTC ($17 billion). Fidelity’s FBTC has amassed over 144,000 BTC ($10 billion).
Spot Bitcoin ETF trading volume continues to fall.
US spot Bitcoin ETFs recorded trading volume of $3.03 billion on Monday, led by BlackRock’s IBIT, which registered $1.37 billion. Grayscale’s GBTC and Fidelity’s FBTC generated $806 million and $556 million, respectively, according to The Block’s data dashboard.
However, daily trading volume has continued to decline since its peak of $9.93 billion on March 5, when Bitcoin first broke the previous cycle’s all-time high of about $69,000.
Currently, the cumulative trading volume of all spot Bitcoin ETFs stands at $184.6 billion.
According to The Block’s price page, Bitcoin is currently trading at $66,007. This is a 4.5% decline over the last 24 hours, and started trading above $71,000 yesterday. Meanwhile, the GMCI 30 index representing the top 30 cryptocurrencies fell 5.4% to 144.80 over the past 24 hours.
BTC/USD price chart. Image: Block/TradingView.
According to CoinGlass data, market volatility led to the liquidation of more than $135 million in Bitcoin positions in the past 24 hours, of which $93 million were long positions.
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