On May 1, 2024, U.S. spot bitcoin ETFs witnessed their most substantial single-day outflows since their inception, totaling $563.7 million. Fidelity's FBTC led the outflow with over $191 million, followed by Grayscale's Bitcoin Trust (GBTC) with withdrawals exceeding $167 million. Additionally, Blackrock's IBIT reported its first negative outflow nearing close to $37 million.
Before this notable withdrawal, these ETFs had experienced a steady decline over five consecutive days, amounting to $635 million in outflows. On May 1, GBTC held 296,713.90 BTC, which reduced to 295,126.10 BTC by May 2, indicating divestment of 1,587.8 BTC since the previous trading session.
Nate Geraci, co-founder of ETF Institute, commented on the event, highlighting the first-day outflows of IBIT and emphasizing the non-linear nature of ETF inflows. He compared the situation with the SPDR Gold ETF, which experienced outflows despite gold's overall uptrend in the year.
Geraci's remarks sparked a response from gold enthusiast Peter Schiff, questioning the relevance of referencing gold ETFs and highlighting differences between gold and bitcoin markets.
The significant outflows from bitcoin ETFs mark a notable event in the cryptocurrency market, reflecting shifts in investor sentim
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