Bitcoin ETFs See First Outflows Since March, With Grayscale Leading

By: Eliza Bennet

Significant Outflows in Bitcoin ETFs

Bitcoin exchange-traded funds (ETFs) have experienced their first outflow since March 22, with a net of $85.8 million, equivalent to 1,230.3 BTC, leaving the funds according to data from BitMEX. Leading the outflows is Grayscale's GBTC, which saw a withdrawal of $302.6 million or 4,337.4 BTC.

The outflow has dragged the average flows across Bitcoin ETFs into negative territory. GBTC's cumulative outflow is an astounding $15,070.2 billion or 288,274 BTC.

Not All ETFs Experienced Outflows

Despite GBTC's significant outflow, other Bitcoin ETFs are showing middling inflow activity. Notably, BlackRock's IBIT fund has seen inflows of $165.9 million, equivalent to 2,377.2 BTC. This brings the total inflow in IBIT to $14,123.7 billion or 254,509 BTC. Ark Investment Management's ARKB ETF marked its first day of outflows, albeit minimally, at $0.3 million or 5 BTC.

Net Inflow Remains Positive

Summarily, Bitcoin ETFs have seen a total net inflow of $12,039.7 billion which equates to 211,621 BTC, despite the recent outflows.