Bitcoin ETF snapshot: A few firsts during another week of outflows

Last week marked the third straight week of outflows for US bitcoin funds as demand for the BlackRock and Fidelity products hit a low point

share

Demand for the US spot bitcoin ETFs remains at a standstill following an initial surge of significant investment inflows.

The country’s ETF category, which comprises 11 funds, saw net outflows hit $328 million last week, according to Farside Investors data. 

It marked the third straight week of net outflows for the segment, as Grayscale’s bitcoin ETF continues to be the driver of that fate. Net money flowing out of the Grayscale Bitcoin Trust ETF (GBTC) totaled $454 million from April 22 to April 26, the data shows. 

The difference in recent weeks has been the fastest-growing funds in the space seeing demand stop altogether, or going negative, on certain days. 

The 71-day net inflow streak for BlackRock’s iShares Bitcoin Trust (IBIT) ended Wednesday before the fund again saw $0 worth of flows on Thursday and Friday. 

Read more: BlackRock’s bitcoin ETF inflows halt after 71-day streak, data shows

Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), which also notched several neutral flow days, saw its first days of net outflows on Thursday and Friday — at $23 million and $3 million, respectively. 

Given the slowdown for the BlackRock and Fidelity products, combined net inflows for Grayscale’s competitors fell to $126 million last week — a total unable to fully make up for GBTC’s hemorrhaging.

Many have followed bitcoin ETF flows in recent months as a sort of barometer for broader sentiment in the space. The pace at which these funds had been buying bitcoin for weeks exceeded that at which new BTC was being issued — contributing to a new all-time high for bitcoin last month.  

Last week’s $328 million of US spot bitcoin ETF outflows was a bit more severe than the prior two weeks. Overall, $204 million in assets had left the sector during the week prior to last, while net investor money exiting the funds totaled $83 million from April 8 to April 12.

Trading volumes for crypto exchange-traded products (ETPs) more broadly fell to $11.8 billion last week, according to CoinShares data — down from about $18 billion during the prior week.

Bitcoin’s price (BTC) stood at about $62,200 on Monday mid-morning ET — down roughly 4% from seven days ago.  

Christopher Jensen, director of crypto research at bitcoin ETF issuer Franklin Templeton, told Blockworks he was unconcerned about the recent bitcoin fund outflows.

“There are lots of platforms, there are lots of institutions that are interested and are doing work,” he said. “So we don’t think the flows for the ETPs are done even though they’ve cooled off in recent weeks.”


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 Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

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

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?