This week saw a shift in the flow of U.S. spot Bitcoin exchange-traded funds (ETFs), with a return to positive net inflows on Wednesday, according to data from CoinGlass. This reversal follows a period of net outflows that saw significant withdrawals on Monday.
Positive Inflows into Spot Bitcoin ETFs Increase as Grayscale's GBTC Outflows Decline
Wednesday's inflows reached $113.5 million, following Tuesday's $40.3 million addition, effectively surpassing Monday's net outflows of $87.5 million.
Fidelity's FBTC spot Bitcoin ETF led the latest inflows, drawing $116.7 million, followed by BlackRock's IBIT fund with $42 million.
Bitwise's BITB product ranked third with $23 million in inflows on Wednesday. In total, net inflows for the week now stand at $12.2 million.
Fidelity's FBTC comes close to managing about 150,000 BTC (about $10 billion), while BlackRock's IBIT leads the pack among newly launched spot Bitcoin ETFs, managing 256,000 BTC (about $17 billion).
Meanwhile, Grayscale's GBTC fund experienced a decline, falling 47% from approximately 619,000 BTC to 328,000 BTC (valued at $22 billion). GBTC's current fee of 1.5% contrasts with FBTC and IBIT's lower fees set at 0.25%.
While GBTC witnessed significant outflows of $302.6 million on Monday, the pace slowed with outflows of $81.9 million on Tuesday and $75.1 million on Wednesday.
The potential sale of 35.9 million GBTC shares by Genesis Global Holdco LLC earlier this month may have contributed to the selling pressure.
While outflows from GBTC appear to be slowing, overall flows into spot Bitcoin ETFs have also slowed since reaching a peak of $1.05 billion in daily net inflows on March 12.
March saw a surge in trading volume for spot Bitcoin ETFs, with February's total nearly tripling to exceed $111 billion. However, daily trading volume has been declining since reaching a record high of $9.9 billion on March 5.
Despite recent fluctuations, Bitcoin remains resilient and is currently trading at $66,234. While the cryptocurrency dropped 6% last week, it continues to perform strongly with a 57% increase year-to-date.
*This is not investment advice.