BTC

$96868.388

-0.63%

ETH

$3361.752

-1.26%

XRP

$2.263

-0.00%

BNB

$665.321

-0.29%

News

Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

March 23, 2024 - Around 2 mins mins to read

Key Points:

  • Bitcoin spot ETFs experienced $51.6m outflows on March 22, as per SoSoValue data.
  • Grayscale ETF GBTC saw a staggering $169m single-day net outflow, signaling significant investor movement.
  • BlackRock ETF IBIT recorded record-low single-day inflows of $18.89m, contrasting Fidelity ETF FBTC’s modest $18.13m inflow.
According to data released by SoSoValue, the cryptocurrency market experienced significant movements in Bitcoin Spot ETFs on March 22.
Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

Bitcoin spot ETFs, in particular, encountered total net outflows amounting to $51.6 million, marking a notable shift in investor sentiment.

Among the ETFs affected was the Grayscale Bitcoin Trust (GBTC), which saw a substantial single-day net outflow of $169 million. This sizable movement in outflows from GBTC suggests a significant shift in investor allocations within the cryptocurrency space, potentially indicating concerns or reallocations from specific investment vehicles.

Read more: What is Bitcoin Halving? Why is this event of interest?

$169m Single-Day Outflow Highlights Investor Concerns

Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

In contrast, the BlackRock ETF known as IBIT saw single-day net inflows of only $18.89 million. This relatively low inflow marks a notable contrast to previous trends, highlighting a slowdown in investor interest or confidence in this particular ETF. The consecutive days of record lows in inflows for IBIT underscore a potentially broader trend in the market.

Similarly, the Fidelity ETF FBTC also experienced modest single-day net inflows of just $18.13 million. This indicates a subdued level of investor activity compared to previous periods, potentially reflecting a cautious approach or a wait-and-see attitude among market participants.

The fluctuations observed in these ETFs reflect the dynamic nature of the cryptocurrency market, where investor sentiment and market dynamics can rapidly influence asset flows. Factors such as regulatory developments, market volatility, and macroeconomic trends can all contribute to shifts in investor behavior and asset allocations within the cryptocurrency space.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin Spot ETFs

GBTC

Grayscale GBTC

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

Key Points:

  • Bitcoin spot ETFs experienced $51.6m outflows on March 22, as per SoSoValue data.
  • Grayscale ETF GBTC saw a staggering $169m single-day net outflow, signaling significant investor movement.
  • BlackRock ETF IBIT recorded record-low single-day inflows of $18.89m, contrasting Fidelity ETF FBTC’s modest $18.13m inflow.
According to data released by SoSoValue, the cryptocurrency market experienced significant movements in Bitcoin Spot ETFs on March 22.
Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

Bitcoin spot ETFs, in particular, encountered total net outflows amounting to $51.6 million, marking a notable shift in investor sentiment.

Among the ETFs affected was the Grayscale Bitcoin Trust (GBTC), which saw a substantial single-day net outflow of $169 million. This sizable movement in outflows from GBTC suggests a significant shift in investor allocations within the cryptocurrency space, potentially indicating concerns or reallocations from specific investment vehicles.

Read more: What is Bitcoin Halving? Why is this event of interest?

$169m Single-Day Outflow Highlights Investor Concerns

Bitcoin Spot ETFs Witness $51.6m Outflows, Grayscale GBTC Hit by $169m Exodus!

In contrast, the BlackRock ETF known as IBIT saw single-day net inflows of only $18.89 million. This relatively low inflow marks a notable contrast to previous trends, highlighting a slowdown in investor interest or confidence in this particular ETF. The consecutive days of record lows in inflows for IBIT underscore a potentially broader trend in the market.

Similarly, the Fidelity ETF FBTC also experienced modest single-day net inflows of just $18.13 million. This indicates a subdued level of investor activity compared to previous periods, potentially reflecting a cautious approach or a wait-and-see attitude among market participants.

The fluctuations observed in these ETFs reflect the dynamic nature of the cryptocurrency market, where investor sentiment and market dynamics can rapidly influence asset flows. Factors such as regulatory developments, market volatility, and macroeconomic trends can all contribute to shifts in investor behavior and asset allocations within the cryptocurrency space.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.