Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRocks product slowed. <\/p>\n
The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data the highest in a single day thus far. <\/p>\n
Grayscale Investments Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund. <\/p>\n
Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned? <\/p>\n
While BlackRocks iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively. <\/p>\n
Fidelity Investments Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million. <\/p>\n
The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs. <\/p>\n
Read more: Bitcoin ETF Tracker <\/p>\n
After the funds notched net inflows of $43 million on Friday, their outflows totaled $76 million on Monday and $106 million on Tuesday. <\/p>\n
Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, Bloomberg Intelligence data indicates. Inflows for the ETFs when excluding the outflows of higher-priced GBTC is $5.2 billion. <\/p>\n
David Lawant, head of research at crypto prime brokerage FalconX, said in an X post that the driving forces of spot bitcoin ETF flows GBTCs heavy outflows and the sizable net gains from IBIT and FBTC will both taper off. <\/p>\n
While the former dominates in the short run, the latter will dominate in the medium\/long run by a mile, Lawant added. <\/p>\n
Read more: GBTCs asset bleeding to blame for week of flat crypto product flows <\/p>\n
Bitwise Chief Investment Officer Matt Hougan has said he believes spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market. <\/p>\n
21Shares President Ophelia Snyder told Blockworks in an interview earlier this month that a number of investors will be slow to adopt spot bitcoin ETFs. Others that do might start with small allocations before ramping those positions up later on. <\/p>\n
So I think this fixation on the short-term flows is crazy short-sighted and largely not the point, she said. <\/p>\n
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Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading - Blockworks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRocks product slowed. The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data the highest in a single day thus far. Grayscale Investments Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund. Continue reading