Bitcoin ETFs in US Experience $328M Net Outflow in Volatile Week

• A massive outflow of $328 million was shown throughout the week.
• Grayscale’s GBTC was the most heavily affected ETF.

Net flows for Bitcoin Spot ETFs in the US showed significant volatility for the week ending April 26, 2024. Additionally, when they lost momentum, these ETFs had a huge $328 million net outflow for the week. In addition, the Bitcoin price fell just before this outflow spiked, which may have been the catalyst for the decline.

The week started out well, with $62.02 million in net inflows across several Spot BTC ETFs. At the same time, Fidelity’s FBTC had a substantial single-day net inflow of $34.83 million, while Grayscale’s GBTC saw a net outflow of $34.99 million. An additional $19.4 million came in for BlackRock’s IBIT Bitcoin ETF.

Substantial Volatility

Additionally, statistics from Farside UK showed that there were net inflows of $31.6 million into Bitcoin ETFs on Tuesday, April 23, continuing the bullish trend. In contrast to Grayscale’s greater withdrawals on the same day, substantial inflows were driven by BlackRock’s IBIT and Ark 21Shares’ ARKB.

Following that, on Wednesday, April 24, a change happened, and trade volumes peaked at the same time as net withdrawals totaled $120 million. The most significant outflow occurred in Grayscale’s GBTC, while the most significant net inflow occurred in Fidelity’s FBTC.

The outflows from Bitcoin ETFs reached a record $217 million across all ten Spot Bitcoin ETFs on Thursday, April 25. With $140 million leaving the market, Grayscale’s GBTC was the most heavily withdrawn ETF, although other ETFs also had large withdrawals.

The $83.6 million outflow continued on Friday, April 26, but it was slower for Grayscale’s GBTC than it had been on earlier days. Among exchange-traded funds (ETFs), only Ark 21Shares’ ARKB saw inflows. A small inflow of $5.4 million was seen in the ARKB Bitcoin ETF. A massive outflow of $328 million was shown throughout the week.

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