Spot bitcoin ETFs record largest daily net outflows ever

• May 2, 2024, 1:00AM EDT
Published 1 minute earlier on

Spot bitcoin exchange-traded funds in the U.S. recorded $563.7 million in total net outflows on Wednesday — the largest total net daily outflows since their debut — according to data from SosoValue.

Fidelity’s FBTC experienced the largest net outflows among the ETFs, with over $191 million moving out of the fund. That exceeded the $167.3 million net outflow recorded by Grayscale’s GBTC, SosoValue data showed. 

Ark Invest’s ARKB witnessed $98.1 million in daily net outflows, recording the third-largest net outflows of the day, followed by BlackRock IBIT’s $36.9 million and Bitwise BITB’s $29 million. This marked the first time that BlackRock’s spot bitcoin ETF recorded a net daily outflow. 

All the U.S. spot bitcoin ETFs logged daily net outflows on the day, except for Hashdex’s DEFI, which recorded zero net inflows on the day.

The cumulative total net inflow for the 11 ETFs amounted to $11.2 billion as of Wednesday.

“So, iShares Bitcoin ETF has first day of outflows ($37mil),” Nate Geraci, president of investment advisor The ETF Store, wrote in a post on X. “This is what ETFs do. Inflows don’t go up in straight line.”

The spot bitcoin ETF hype has appeared to die down, with April’s net monthly outflows reaching $343.5 million, ending their three-month inflow streak. GBTC led the outflows in April with $2.5 billion leaving the ETF over the month.

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