Spot bitcoin (BTC) exchange-traded funds (ETFs) based in the United States recorded cumulative outflows of $4.3 million on Thursday, marking the same result for five consecutive days ahead of the upcoming bullish mining reward halving.
According to data published by Farside Investors, ETFs have witnessed net outflows of over $319 million since April 12, with Grayscale’s GBTC accounting for a significant portion of these transactions.
GBTC alone accounted for $90 million of Thursday’s outflows, offsetting inflows into Fidelity’s FBTC and BlackRock’s IBIT.
Grayscale ETF has been losing money since its inception due to various reasons, including the fund’s relatively costly fee structure. Therefore, the primary concern is not the outflows from GBTC but the slowing down of inflows into other ETFs.
BlackRock’s IBIT had recorded its highest monthly level of $308.8 million on April 5. However, this figure plummeted by 93% to $18.8 million on Thursday.
Matrixport stated this morning, “Significant liquidity factors such as the growth of the stablecoin ecosystem and inflows into U.S.-listed bitcoin ETFs have been slowing down, as we have been mentioning for the past few weeks. ETF flows peaked on March 12, but consecutive net outflows have been observed recently. Demand for U.S.-listed bitcoin ETFs seems to have reached saturation, as even a 10-15% drop in bitcoin prices has failed to increase net inflows.”
