Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading
The 10 funds have seen three consecutive days of outflows as $429 million left Grayscale’s GBTC Wednesday
Artwork by Crystal Le
Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRock’s product slowed.
The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data — the highest in a single day thus far.
Grayscale Investments’ Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund.
Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?
While BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively.
Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million.
The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs.
Read more: Bitcoin ETF Tracker
After the funds notched net inflows of $43 million on Friday, their outflows totaled $76 million on Monday and $106 million on Tuesday.
Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, Bloomberg Intelligence data indicates. Inflows for the ETFs — when excluding the outflows of higher-priced GBTC — is $5.2 billion.
David Lawant, head of research at crypto prime brokerage FalconX, said in an X post that the driving forces of spot bitcoin ETF flows — GBTC’s heavy outflows and the sizable net gains from IBIT and FBTC — “will both taper off.”
“While the former dominates in the short run, the latter will dominate in the medium/long run by a mile,” Lawant added.
Read more: GBTC’s asset bleeding to blame for week of flat crypto product flows
Bitwise Chief Investment Officer Matt Hougan has said he believes spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market.
21Shares President Ophelia Snyder told Blockworks in an interview earlier this month that a number of investors will be slow to adopt spot bitcoin ETFs. Others that do might start with small allocations before ramping those positions up later on.
“So I think this fixation on the short-term flows is crazy short-sighted and largely not the point,” she said.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: Unpacking crypto and the markets.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
