Spot Bitcoin ETFs recorded net withdrawals of $344 million in April as the reversal continued.

As the cash Bitcoin exchange-traded fund hype died down along with cryptocurrency prices, the new US ETF recorded $343.5 million worth of net outflows in April, ending its third straight month of inflows.

ETFs recorded impressive inflows, attracting $1.5 billion, $6 billion, and $4.6 billion in demand in January, February, and March, respectively. However, overall flows have slowed significantly since daily net inflows peaked at $1.05 billion on March 12, according to The Block’s data dashboard, and Bitcoin has since reached its all-time high of $73,836 on March 14 and 4 It fell 18% between the end of the month.

April’s outflows were led by Grayscale’s high-fee GBTC fund, which saw $2.5 billion withdrawn from the ETF during the month. Ark Invest’s ARKB recorded monthly net outflows of $86.3 million, while Valkyrie’s BRRR also recorded a small net outflow of $300,000 in April. The remaining funds recorded net inflows last month, but Fidelity’s FBTC and Bitwise’s BITB also recorded their first daily outflows in April.

BlackRock’s IBIT continued to dominate net inflows into spot Bitcoin ETFs during April, attracting $1.5 billion, followed by $556.1 million to Fidelity’s FBTC and $125 million to Bitwise’s BITB. However, IBIT’s 71-day streak of inflows (a run that ranks it among the top 10 ETFs of all time) ended on April 23, and since then it has had five straight days of zero inflows.

Ark Invest’s ARKB was the only spot Bitcoin ETF to see net inflows on Tuesday, adding $3.6 million. Meanwhile, outflows from Grayscale’s GBTC ($93.2 million), Fidelity’s FBTC ($35.3 million) and Bitwise’s BITB ($34.3 million) contributed to net outflows of $161.6 million per day, according to CoinGlass data.

Total net inflows combined into U.S. spot Bitcoin ETFs since trading began on January 11 are now back below $12 billion, at $11.8 billion.

ETF daily trading volume has also declined significantly since hitting a record of $9.9 billion on March 5. Bitcoin surpassed its previous cycle high of about $69,000 for the first time on Tuesday, hitting $2.9 billion in trading volume, according to The Block’s data dashboard.

BlackRock’s IBIT dominates the market share with spot Bitcoin ETF trading volume, while GBTC continues to come under pressure as outflows slowly decline.

BlackRock’s IBIT comes close to surpassing Grayscale’s GBTC.

Despite zero daily flows for the BlackRock Spot Bitcoin ETF, it is still on track to overtake Grayscale’s converted GBTC fund in terms of assets under management. According to their respective fund pages, IBIT currently holds AUM of 274,462 BTC ($15.6 billion) and GBTC holds 296,714 BTC ($16.9 billion).

GBTC’s converted fund saw its assets fall 52% from 619,220. BTC

-7.67%
When spot Bitcoin ​ETF trading began. However, taking into account the rise in Bitcoin prices over that period, this equates to a 41% decline in US dollar terms from $28.6 billion on January 11.

GBTC Bitcoin holdings. Image: Coinglass.

According to The Block’s price page, the price of Bitcoin got off to a sluggish start in May, falling about 6% today alone, briefly falling below the $57,000 level for the first time since February. The largest cryptocurrency by market cap is currently trading at $57,275.

BTC/USD price chart. Image: Block/TradingView.

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