Recent data from the on-chain analytics firm BitMEX highlights that the spot Bitcoin ETF (Exchange Traded Funds) continues to experience outflows. As of April 1, 2024, digital asset investment products experienced a massive outflow of $85.8 million, equivalent to 1,230.3 Bitcoin. However, this significant BTC ETF outflow was observed for the first time since March 22, 2024.
Grayscale total BTC ETF outflow on April 1
Currently, 11 asset management firms are offering spot Bitcoin ETFs in the United States, and the maximum outflow of $302.6 million, equivalent to 4,337.4 BTC, on April 1, 2024, was from Grayscale’s GBTC. This outflow refers to BTC withdrawn, and with this massive withdrawal, GBTC has now seen a total of $15.07 billion in outflows, equivalent to 288,274 BTC, according to data from BitMEX.
Meanwhile, inflows across other ETFs remained relatively subdued, with BlackRock’s IBIT being a notable exception. IBIT witnessed inflows of $165.9 million, equivalent to 2,377.2 BTC. This brings IBIT’s total inflows to $14,123.7 billion, equivalent to 254,509 BTC, indicating continued investor interest in this particular ETF.
Another important observation is Ark’s ARKB ETF, which experienced its first day of outflows, albeit minor, at $0.3 million, equivalent to 5 BTC. Despite this, ARKB has seen significant inflows totaling $2,304.0 billion, equivalent to 44,471 Bitcoin, according to BitMEX data.
Trading volume of spot Bitcoin ETF in March 2024
In addition to these outflows and inflows on April 1, 2024, Bloomberg’s ETF expert Eric Balchunas made a post on X where he highlights the total Bitcoin ETF trading in March 2024. According to Eric’s post on X, in March 2024, Bitcoin ETF trading volume massively soared and reached $111 billion. This massive trading volume is nearly triple that of February and January’s combined volumes.
Eric also cited that this growth in the volume of spot Bitcoin ETFs is a clear indication of growing institutional interest and market maturity. “I can’t imagine April will be bigger, but who knows,” he added.
However, the trading volume crown is on BlackRock’s IBIT share, as it has surpassed GBTC in market share. Despite all ETFs being profitable, IBIT emerges and owns the crown in volume, making its position as the ‘GLD of Bitcoin,’ as shared by Eric.
Recent data from the on-chain analytics firm BitMEX highlights that the spot Bitcoin ETF (Exchange Traded Funds) continues to experience outflows. As of April 1, 2024, digital asset investment products experienced a massive outflow of $85.8 million, equivalent to 1,230.3 Bitcoin. However, this significant BTC ETF outflow was observed for the first time since March […] Read MoreNews, Bitcoin, ETF
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