Grayscale's GBTC outflows outweigh broad inflows across spot bitcoin ETFs

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The Block2024/05/10 06:46

By:Danny Park

The 11 spot bitcoin ETFs in the U.S. recorded a total daily net outflow of $11.29 million on Thursday.Only Grayscale’s GBTC saw net outflows on the day.

Grayscale's GBTC outflows outweigh broad inflows across spot bitcoin ETFs image 0

Spot bitcoin exchange-traded funds in the U.S. saw a total net outflows of $11.29 million on Thursday, with all of them recording zero or positive daily net inflows except for Grayscale’s GBTC.

BlackRock’s IBIT fund led net inflows on Thursday with $14 million and Bitwise followed with $7 million worth of inflows, according to data from SoSoValue. Funds from Fidelity, Ark Invest, Invesco and Galaxy Digital, and Franklin Templeton logged single-digit net inflows that totaled $11 million.

The inflows were overshadowed by GBTC’s $43 million net outflows, while remaining spot bitcoin ETFs from VanEck, Valkyrie, WisdomTree and Hashdex recorded zero flows on Thursday.

Since listing in January, U.S. spot bitcoin ETFs have accumulated a net inflow of $11.76 billion. The total trading volume of these ETFs is on a gradual decline since hitting its peak in early March, when bitcoin hit its all-time high, The Block’s data showed .

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The price of bitcoin stood at $62,764 at the time of publication, making a 2% recovery in the past 24 hours, according to The Block's Price Page .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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