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Home»ADOPTION NEWS»GBTC outflows have outpaced other spot Bitcoin ETF inflows for three days in a row.
ADOPTION NEWS

GBTC outflows have outpaced other spot Bitcoin ETF inflows for three days in a row.

By Crypto FlexsApril 17, 20242 Mins Read
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GBTC outflows have outpaced other spot Bitcoin ETF inflows for three days in a row.
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Funding • April 17, 2024 1:37 AM EDT

Posted 1 minute ago In ~

The U.S. spot Bitcoin exchange-traded fund recorded net outflows for three days in a row. Yesterday, there was just over $58 million of product remaining, reducing the cumulative total net inflows to approximately $12.43 billion.

Grayscale’s Bitcoin trust conversion GBTC accounted for the majority of net outflows as usual. Approximately $79.4 million was withdrawn from ETFs yesterday, according to the data. From SoSoValue. 21 weeks of the ark Bitcoin BTC

+1.67%
There was also a net outflow from the ETF, with approximately $12.88 million leaving the fund.

While most other spot Bitcoin ETFs saw moderate inflows between $1.37 million and $3.56 million, iShares Bitcoin Trust dominated inflows, attracting $25.78 million.

Overall, spot Bitcoin ETF trading volume remained stable throughout April after a steady decline from its peak in early March. Cumulative trading volume on Monday topped $215 billion, according to data from The Block.

Additionally, flow was constricted in either direction. Spot Bitcoin ​ETF inflows and outflows have steadily tightened since March.

According to The Block’s Bitcoin price page, the price of Bitcoin is trading above $64,300, up more than 2.6%. The block reward halving of the most important cryptocurrency is expected to occur on Friday.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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