Bitcoin ETF: BlackRock’s IBIT & Grayscale’s GBTC Plunge Pre-market After Weak Inflow

Two major Spot Bitcoin ETFs, BlackRock’s IBIT and Grayscale’s GBTC witnessed a significant decline in the pre-market trading session today. The plunge comes after the Bitcoin ETFs registered weak inflows on Tuesday. Moreover, their prominent competitors, including VanEck’s HODL and Valkyrie’s BRRR registered a pullback.

BlackRock & Grayscale ETFs Register A Dip

According to Yahoo Finance data, BlackRock’s iShares Bitcoin ETF recorded a drop of 2.02% as it was valued at $29.07 at press time in the pre-market trading session today. Earlier, IBIT closed at $29.67 on Tuesday with a 0.17% gain.

Whilst, Grayscale’s GBTC dropped 1.94%, reaching $45.51 at the time of writing. However, the Bitcoin ETF had noted a slight uptick in the previous trading session. On Tuesday, the Grayscale Bitcoin ETF closed at $46.41, gaining 0.28% in value. The recent declines could be attributed to the disappointing inflow figures reported lately.

On the other hand, VanEck’s HODL dropped 1.44% to $58 in the pre-market session, setting the stage for a gap down. Furthermore, Valkyrie’s BRRR dipped 1.06% to $14.47. Additionally, Invesco Galaxy’s BTCO attracted a loss of 1.94%, settling at $51.00.

Moreover, Franklin Templeton’s EZBC slumped 0.96% to $29.92. However, Hashdex’s DEFI extended its profits with a 1.90% hike in value, reaching $62.84. Earlier, the Hashdex Bitcoin ETF closed at $61.67, up by 0.30%.

Also Read: Bitcoin ETFs Register The Biggest Single-Day Trading Volume, Whales Accumulate

Spot Bitcoin ETFs Witness Weak Inflows

The 11 Spot Bitcoin ETFs net inflow recorded a 60% decline from last week’s close, reaching $135.60 million, according to BitMEX research. After recording the largest single-day net inflow of more than $630 million last week, the numbers dropped gradually thereafter. Moreover, the BlackRock’s IBIT net inflow plunged over 50% from previous week’s close to $154.3 million.

In addition, Grayscale’s GBTC continued registering a net outflow with $137 million outflows. However, GBTC has managed to shrink the net outflow figure significantly. Whilst, Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC garnered ‘zero’ net inflows on Tuesday. Meanwhile, ARK 21 Shares’ ARKB witnessed a net inflow of $27.4, indicating a poor performance.

Also Read: Is XRP ETF Next? Ripple CEO Shares Key Details

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