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Outflows of Bitcoin ETFs on the rise and analysis of movements of Grayscale’s GBTC

US spot Bitcoin ETFs have recorded new net outflows, while Grayscale’s GBTC has lost an additional $302.6 million. 

Furthermore, the ARKB product from Ark Invest 21Shares has recorded its first daily fund outflow, with $300,000 leaving the fund. Let’s see all the details below. 

Grayscale’s GBTC flows over $15 billion and Bitcoin ETF trends

As anticipated, the total combined of US Bitcoin exchange-traded funds (ETFs) returned to mark net outflows on Monday

This comes after a week of constant inflows recorded every trading day last week, totaling $860 million.

According to the data from CoinGlass, inflows of $165.9 million from BlackRock’s dominant IBIT ETF were not enough to offset the $302.6 million outflows from Grayscale’s GBTC fund.

Resulting in a total net outflow of 85.7 million dollars. The second for inflows was Fidelity’s FBTC ETF with 44 million dollars, followed by Invesco’s BTCO with 4.2 million dollars. 

However, the ARKB ETF by Ark Invest 21Shares has recorded its first outflows since the beginning of trading on January 11, losing $300,000. The other funds have recorded inflows ranging from zero to 2 million dollars.

Currently, the total net collection exceeds just over 12 billion dollars. 

Recently, a report from Coinbase indicated that the potential sale of 35.9 million GBTC shares by Genesis Global Holdco LLC, worth about 2 billion dollars, may have contributed to the recent selling pressure on GBTC.

The decline in outflows from Grayscale’s GBTC fund, which has higher fees, from a peak of $642.5 million on March 18 to $104.9 million on March 28, has led some analysts to suggest that this selling pressure is decreasing. 

Yesterday’s flows exceeded the daily average of 274 million dollars. However, the markets were closed on Good Friday, which may have influenced Monday’s data. 

GBTC under pressure as Bitcoin bounces back

James Seyffart, ETF analyst at Bloomberg, commented yesterday on the situation as follows: 

“302.6 million dollars outflow for GBTC today – surprisingly higher than expected. I thought by this point the situation would have slowed down.”

The figure recorded on Monday brings GBTC’s total outflows to over $15 billion since trading began on January 11th. 

In terms of Bitcoin, the converted fund has dropped by 46% from about 619,000 BTC to 333,619 BTC (22 billion dollars) in the period, according to CoinGlass data.

The IBIT of BlackRock is the leader in terms of number of bitcoins under management, with over 252,000 BTC (17 billion dollars), while Fidelity’s FBTC has accumulated more than 144,000 BTC (10 billion dollars).

US spot bitcoin ETFs generated a trading volume of $3.03 billion on Monday, with BlackRock’s IBIT leading with $1.37 billion. 

Grayscale’s GBTC and Fidelity’s FBTC have generated respectively 806 and 556 million dollars, according to The Block data.

However, daily trading volumes are constantly decreasing compared to the peak of 9.93 billion dollars on March 5th. That is when Bitcoin first surpassed the previous cycle’s all-time high of about $69,000. 

The cumulative trading volume for all bitcoin spot ETFs is now equal to $184.6 billion.

Brief perspective on the price of Bitcoin

Bitcoin is currently trading at around $66,007, down 4.5% in the last 24 hours, after starting trading above $71,000 yesterday. 

Meanwhile, the GMCI 30 index, which represents a selection of the top 30 cryptocurrencies, has dropped by 5.4% to 144.80 in the last 24 hours. 

The market volatility has seen over 135 million dollars worth of Bitcoin positions liquidated in the last 24 hours, 93 million of which were long positions, according to CoinGlass data.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.