Throughout the week, there was a staggering outflow of $328 million in Bitcoin Spot ETFs in the US. Among these ETFs, Grayscale’s GBTC was the most heavily affected. This significant volatility in net flows occurred in the week ending April 26, 2024. The outflow of $328 million coincided with a decline in the price of Bitcoin, suggesting that it may have been the catalyst for the decline.
The week began on a positive note, with several Spot BTC ETFs experiencing a net inflow of $62.02 million. Fidelity’s FBTC had a particularly substantial single-day net inflow of $34.83 million, while Grayscale’s GBTC saw a net outflow of $34.99 million. Additionally, BlackRock’s IBIT Bitcoin ETF received an influx of $19.4 million.
On Tuesday, April 23, there were net inflows of $31.6 million into Bitcoin ETFs, continuing the bullish trend. Despite Grayscale experiencing significant withdrawals on the same day, BlackRock’s IBIT and Ark 21Shares’ ARKB drove substantial inflows.
However, on Wednesday, April 24, a change occurred as trade volumes peaked and net withdrawals totaled $120 million. Grayscale’s GBTC experienced the most significant outflow, while Fidelity’s FBTC had the most substantial net inflow.
Thursday, April 25, saw a record-breaking outflow of $217 million across all ten Spot Bitcoin ETFs. Grayscale’s GBTC was the most heavily withdrawn ETF, with $140 million leaving the market. Other ETFs also experienced significant withdrawals.
The outflow continued on Friday, April 26, with an additional $83.6 million leaving the market. However, the outflow for Grayscale’s GBTC was slower compared to previous days. Among the ETFs, only Ark 21Shares’ ARKB saw inflows, with a small influx of $5.4 million in the ARKB Bitcoin ETF.
In summary, there was a massive outflow of $328 million in Bitcoin Spot ETFs throughout the week, with Grayscale’s GBTC being the most heavily affected. These net outflows coincided with a decline in the Bitcoin price, possibly triggered by this significant movement.