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US Spot Bitcoin ETFs Witness $19.4 Million Outflows as GBTC Holdings Drop

2024/04/11 02:14

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US spot bitcoin exchange-traded funds (ETFs) have recorded a notable decrease of $19.4 million in net withdrawals, coinciding with a decline in GBTC holdings from 322,697.17 bitcoins to 318,451.70.

Analysis of Recent Trends in US Spot Bitcoin ETF Flows and Holdings

On April 8, 2024, US spot bitcoin ETFs witnessed significant outflows amounting to $223.8 million, followed by continued withdrawals of $19.4 million on April 9. Notably, while GBTC experienced further outflows, Blackrock’s IBIT and Fidelity’s FBTC observed capital inflows.

Blackrock’s IBIT reported an increase in holdings from 264,233.64 BTC to 266,101.68 BTC, acquiring 1,868.04 BTC from market activities on the following day. Similarly, FBTC's reserves rose slightly from 150,650.94 BTC to 150,694.67 BTC, adding a total of 43.73 BTC.

Conversely, GBTC saw a reduction in holdings of 4,245.47 BTC overnight, declining from 322,697.17 BTC to 318,451.70 BTC. This divestment trend indicates a total reduction of 298,628.29 BTC, equivalent to approximately $20.39 billion, from Jan. 12, 2024, to April 10.

Since trading commenced on Jan. 11, US spot bitcoin ETFs have accumulated over $200 billion in trade volume, with approximately $2.89 billion recorded on Tuesday alone. As of April 10, the market capitalization of all spot ETFs stands at around $60.27 billion, with estimated assets under management (AUM) valued at about $56.57 billion.

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