Bitcoin ETF snapshot: Net outflow run hits five days for the first time

The BTC funds by BlackRock and Fidelity have both brought in net inflows during each of their first 50 days trading.


BlackRock CEO Larry Fink | WORLD ECONOMIC FORUM/ Moritz Hager, modified by Blockworks (CC BY-NC-SA 2.0)


The 10 US spot bitcoin ETFs collectively saw net outflows each day last week — an unprecedented streak for the so far successful segment. 

The funds saw $888 million of investor money leave over the five-day span, according to BitMEX Research data. The largest outflow chunks came on March 19 and March 20, at $326 million and $262 million, respectively. 

Those net outflows slowed later in the week, with $94 million coming on Thursday and $52 million flowing out on Friday. 

BlackRock’s iShares Bitcoin Trust (IBIT) had its all-time low flow total for a single day on Friday, tallying just $19 million, the BitMEX Research data shows. 

Still, IBIT — along with the Fidelity Wise Origin Bitcoin ETF — have brought in net inflows during each of their first 50 days trading. Such a feat has never been accomplished by new ETFs, analysts note

Read more: Bitcoin ETF catalyzing broader merge of TradFi, crypto: BlackRock exec

It was the first time the sector saw five straight days of net outflows. The ETFs had notched outflows on four straight days from Jan. 22 to Jan. 25.

The latest outflow streak came after a record week for the funds, during which they saw $2.5 billion of net inflows.  

But bitcoin’s price dropped from nearly $68,000 on March 18 to below $61,000 on — a slip of more than 10%. It fluctuated up and down later in the week, but remained well off its all-time high of more than $73,000 set on March 14.

BTC’s price stood at $67,000 at about 7 a.m. ET Monday.  

“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US,” CoinShares head of research James Butterfill wrote in a Monday report.

The new ETF bitcoin fund issuers exclude Grayscale Investments, which converted its Bitcoin Trust (GBTC) to an ETF on Jan. 11. GBTC’s nine competitors have often been able to more than offset the higher-priced Grayscale fund’s persistent outflows, but not last week. 

GBTC outflows amounted to about $2 billion, while the other nine funds brought in about $1.1 billion.

Bloomberg Intelligence analyst James Seyffart said in a Monday X post that outflows may have been driven in part by bankrupt lender Genesis offloading its shares of GBTC

“Expecting that to slow over the next week,” he added.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.


StarkWare takes a step towards making StarkNet for Bitcoin


The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year