U.S. spot Bitcoin ETF loses $140 million as fund outflows continue
The U.S. spot Bitcoin exchange-traded fund (ETF) recorded net outflows for the fifth straight day on Thursday, taking $139.88 million out of funds.
Grayscale’s GBTC led the way with daily net outflows of $53 million yesterday, followed by Fidelity’s FBTC with $51 million in outflows. data From SoSoValue. Bitwise’s BITB had a net outflow of $32 million, while VanEck’s ETF had a net outflow of $4 million. Invesco and Galaxy Digital’s funds recorded net outflows of $2 million.
The only net inflow came from BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value. IBIT recorded net inflows of $1 million on Thursday, with daily trading volume of $565 million. Ark Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex’s other funds recorded zero flows.
The ETF’s total trading volume fell from $1.7 billion on Tuesday to $1.16 billion on Thursday. Since launching in January, 11 spot Bitcoin funds have accumulated net inflows totaling $14.67 billion as of Thursday. The market was closed on Wednesday due to a public holiday.
The price of Bitcoin has fallen 1% over the past 24 hours to $64,471 at the time of writing. The Block’s Bitcoin price page.
For ETF-related news, Australia’s largest stock exchange ASX has listed its first spot Bitcoin ETF. On Thursday. The VanEck Bitcoin ETF operates as a feeder fund providing Bitcoin exposure by investing in the US-listed VanEck Bitcoin Trust (HODL). Despite there being a spot cryptocurrency ETF since 2022, the addition of a Bitcoin fund to the ASX appears to reflect an effort to match the cryptocurrency ETF momentum in the US and the US. Hong Kong.
Meanwhile, U.S. ETF issuers are working to launch the country’s first spot ether fund. The issuers received comments from the Securities and Exchange Commission last week regarding the Ether ETF’s S-1 format, according to two sources. They are currently working to resubmit the corrected form by Friday. The Block reported Earlier this week.
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