Spot Bitcoin Exchange Traded Funds (ETFs) group experienced combined negative flows for the first time since their inception on January 11.
Bitcoin ETFs Witness First Negative Trend Since Launch
This trend emerged when inflows into funds like BlackRock's IBIT and Fidelity's FBTC failed to meet outflows from Grayscale's GBTC.
Ten spot Bitcoin ETFs, including GBTC, saw net outflows of $158 million on Wednesday, according to data collected by Bloomberg Intelligence analyst James Seyffart.
This represents a decline of approximately 11,000 Bitcoins, with the total Bitcoin held by all spot ETFs falling to approximately 649,000 from 660,000 a week ago.
The only fund to witness real negative flows during the week was GBTC, whose total Bitcoin fell from 592,098 to 523,516.
Among the other nine funds, BlackRock's IBIT and Fidelity's FBTC stand out, each holding more than 40,000 Bitcoins as of Jan. 24, up from 20,000-25,000 a week ago. Both are approaching $2 billion in assets under management.
However, inflows for both funds have slowed over the past few days. For example, BlackRock added just 1,663 tokens on January 24, its weakest daily addition since 8,705 on January 17.
*This is not investment advice.
