Spot Bitcoin ETFs Clobbered By $218M Net Outflow On Thursday

Murtuza Merchant

April 26, 2024

Bitcoin (CRYPTO: BTC) defied expectations this week, experiencing a price increase of around 3.7% even as investors pulled a significant amount of money out of Bitcoin exchange-traded funds (ETFs).

What Happened: According to data from SoSoValue, the total net outflow from Bitcoin spot ETFs on Thursday was a hefty $218 million.

This outflow marks the first time that Fidelity‘s (BATS:FBTC) and Valkyrie‘s (NASDAQ:BRRR) ETFs witnessed net withdrawals of $22.61 million and $20.16 million, respectively.

Grayscale‘s industry-leading (OTC:GBTC) ETF shouldered the brunt of the outflows, experiencing a net loss of $139 million on Thursday.

Franklin Templeton‘s EZBC (BATS:EZBC) was the lone bright spot, recording a modest daily net inflow of $1.87 million, while BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) recorded its second straight day of no new inflows.

Also Read: Consensys Sues SEC Over Ethereum Classification, Calls For Regulatory Clarity

Despite the overall negative sentiment in the ETF market, the price of Bitcoin continues to climb, suggesting a potential disconnect between investor sentiment in the ETF market and the underlying asset itself.

This disconnect is further supported by research from JPMorgan, which indicates a weakening correlation between Bitcoin ETF prices and investor inflows, according to a Coindesk report.

While the outflows are significant, it’s worth noting that they come on the heels of a strong week for Bitcoin, with its price climbing nearly 4%.

Additionally, liquidation data suggests a relatively stable market, with only $13.48 million worth of Bitcoin longs being liquidated in the past 24 hours.

What’s Next: The recent outflows from Bitcoin spot ETFs raise questions about investor sentiment and the future of this investment vehicle. Will this trend continue, or is it a temporary blip?

What are the long-term implications for the Bitcoin market?

The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will bring together industry leaders, analysts, and investors to discuss these critical issues.

Read Next: Bitcoin Options On Hold: SEC Delays Decision, Seeks Public Input

Image: Shutterstock

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