A total of $15 billion was reached from Grayscale's spot Bitcoin ETF
US spot Bitcoin ETFs returned to net outflows on Monday (01.04.2024) as Grayscale's GBTC lost another $302.6 million. In addition, there was a daily outflow for the first time in Ark Invest 21Shares' ARKB product, and 300 thousand dollars came out of the fund.
U.S. spot Bitcoin ETFs, which recorded net inflows on every trading day last week, returned to net outflows yesterday, reaching a total of $860 million. According to CoinGlass data, the $165.9 million inflow from BlackRock's dominant IBIT ETF failed to cover the $302.6 million outflow from Grayscale's converted GBTC fund, leading to a total net outflow of $85.7 million yesterday.
On Monday, 01.04.2024, Fidelity's FBTC came in second with an inflow of $44 million, while Invesco's BTCO came in third with $4.2 million. However, Ark Invest 21Shares' ARKB ETF saw its first breakout since it began trading on January 11, losing $300k. The remaining funds received inflows between zero and $2 million. Total net inflows currently stand at just over $12 billion.
GBTC selling pressure remains high as total outflows exceed $15 billion. According to a Coinbase report, Genesis Global Holdco LLC's potential sale of 35.9 million GBTC shares valued at approximately $2 billion has the potential to add to the selling pressure GBTC has been facing recently.
Outflows from Grayscale's high transaction-fee GBTC fund dropped from a peak of $642.5 million on March 18 to $104.9 million on March 28, leading some analysts to believe that this selling pressure is slowing. However, yesterday's outflows averaged over $274 million per day, indicating that GBTC's total outflow has exceeded $15 billion since January 11.
According to The Block's data; Bitcoin price is trading at $66,007, down 4.5% after trading above $71,000 yesterday. The GMCI 30 index, which represents the top 30 cryptocurrencies, fell 5.4% in the last 24 hours to 144.80. Over $135 million of Bitcoin positions have been liquidated in the last 24 hours, including $93 million in long positions, due to market volatility.
