Spot Bitcoin ETFs return to net daily outflows; Grayscale’s GBTC total outflows eclipse $15 billion

The combined U.S. spot Bitcoin BTC -5.51% exchange-traded funds returned to net outflows on Monday, having recorded net inflows every trading day last week, totaling $860 million .

Inflows of $165.9 million from BlackRock’s dominant IBIT ETF were not enough to help overcome $302.6 million in outflows from Grayscale’s converted GBTC fund, leading to a total net outflow of $85.7 million yesterday, according to CoinGlass data .

Fidelity’s FBTC was second with $44 million worth of inflows on Monday and Invesco’s BTCO was third with $4.2 million. However, Ark Invest 21Shares’s ARKB ETF slumped its first outflows since trading began on Jan. 11 — losing $300,000. The remaining funds saw inflows between zero and $2 million. Total net inflows currently stand at just over $12 billion.

 

GBTC selling pressure remains elevated as total outflows eclipse $15 billion

Earlier this month, a Coinbase report suggested that Genesis Global Holdco LLC's potential sale of 35.9 million GBTC shares, valued at around $2 billion, might have caused recent GBTC selling pressure.

The drop in outflows from Grayscale’s higher-fee GBTC fund from a peak of $642.5 million on March 18 to $104.9 million on March 28 led some analysts to believe this selling pressure was slowing down. Yesterday’s outflows represent a jump back above its daily average of $274 million. However, markets were closed on Good Friday which could have impacted Monday's figure.

“$302.6 million outflow for GBTC today — honestly higher than I expected,” Bloomberg ETF analyst James Seyffart wrote  yesterday. “I thought this would have slowed down by now.”

Monday’s figure takes GBTC’s total outflows past $15 billion since trading began on Jan. 11. In bitcoin terms, the converted fund has dropped 46% from around 619,000 BTC to 333,619 BTC ($22 billion) over the period, per CoinGlass.

BlackRock’s IBIT has accumulated the most bitcoin under management at over 252,000 BTC ($17 billion). Fidelity’s FBTC has amassed more than 144,000 BTC ($10 billion).

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Spot Bitcoin ETF trading volumes continue to slide

The U.S. spot bitcoin ETFs generated $3.03 billion in trading volume on Monday, again led by BlackRock’s IBIT, which registered $1.37 billion. Grayscale’s GBTC and Fidelity’s FBTC generated $806 million and $556 million, respectively, according to The Block’s data dashboard .

However, daily trading volumes have consistently declined since a peak of $9.93 billion on March 5, when bitcoin first broke past its prior cycle’s all-time high of around $69,000.

Cumulative trading volume for all spot bitcoin ETFs now stands at $184.6 billion.

Bitcoin is currently trading at $66,007 — down 4.5% over the last 24 hours, having begun trading above $71,000 yesterday, according to The Block’s price page . Meanwhile, the GMCI 30 index , representing a selection of the top 30 cryptocurrencies, fell 5.4% to 144.80 in the past 24 hours.

The market volatility saw over $135 million of bitcoin positions liquidated during the past 24 hours, $93 million of which were long positions, according to CoinGlass data .