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.
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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.