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Home»ADOPTION NEWS»US spot Bitcoin ETF records $120 million in daily net outflows
ADOPTION NEWS

US spot Bitcoin ETF records $120 million in daily net outflows

By Crypto FlexsApril 25, 20243 Mins Read
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US spot Bitcoin ETF records 0 million in daily net outflows
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Funding • April 25, 2024 12:55 AM EDT

Posted 1 minute ago In ~

Updated: April 25, 2024, 1:05 AM EDT

U.S. spot Bitcoin exchange-traded funds saw total daily net outflows of $120.64 million on Wednesday, with no flows across eight products recorded, according to data from SoSoValue.

According to SoSoValue data, Grayscale’s GBTC had $130.42 million left in converted Bitcoin ETFs, while funds from Fidelity and Ark Invest were the only two to receive inflows totaling $10 million. Eight funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows.. Notably, BlackRock’s IBIT ended its 71-day streak of gains on Wednesday.

“Days with zero inflows are common and do not indicate product failure,” Rachael Lucas, a cryptocurrency analyst at BTC Markets, told The Block. “It is also consistent with market performance and geopolitical tensions and highlights the complexity of going beyond ETF flows.”

Joe Caselin, head of institutional marketing at BIT cryptocurrency exchange, said zero flows in ETFs is not an unusual event, but could indicate that excitement in ETFs is fading. “It will take time to connect fiat to the BTC narrative, and we will continue to see new inflows come in waves as the slow but unstoppable TradFi machine clicks on crypto,” Caselin said.

Bloomberg ETF analyst James Seyffart previously said explained In

The cumulative trading volume of 11 spot Bitcoin ETFs is said to be close to $230 billion. Block ETF Data Dashboard.


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

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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