Bitcoin ETF

Bitcoin

Daily

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Grayscale’s GBTC spot Bitcoin ETF experienced a record daily outflow of $642.5 million.</li>
 <li>Despite inflows from BlackRock’s IBIT ETF, the total net outflow reached $154.4 million.</li>
</ul>
<p>Grayscale’s GBTC spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (ETF) witnessed a record-breaking daily outflow of $642.5 million on Monday. This surpassed the previous record of $640.5 million set on January 22.</p>
<h2 id="etf-inflows-and-outflows">ETF Inflows and Outflows</h2>
<p>Despite an inflow of $451.5 million from BlackRock’s dominant IBIT ETF, it was insufficient to offset GBTC’s outflows. This resulted in a total net outflow of $154.4 million for the first time since March 1, as per data from BitMEX Research.</p>
<p>The BITB from Bitwise was second with inflows worth $17.6 million. Conversely, Fidelity’s FBTC ETF experienced its lowest inflows since its inception on January 11, generating a mere $5.9 million.</p>
<h2 id="etf-trading-volume">ETF Trading Volume</h2>
<p>The daily trading volume for the U.S. spot Bitcoin ETFs decreased to $4.2 billion on Monday due to the outflows. This is a significant drop from the daily range of $5.5 billion to $7.7 billion last week, and is less than half of the record daily trading volume of $9.9 billion set on March 5.</p>
<p>BlackRock’s IBIT ETF led the pack with a trading volume of $2 billion on Monday. Grayscale’s GBTC and Fidelity’s FBTC generated $1 billion and $630 million in trading volume, respectively. The cumulative trading volume for all spot Bitcoin ETFs currently stands at $145.8 billion.</p>
<h2 id="bitcoin-market-fluctuations">Bitcoin Market Fluctuations</h2>
<p>The record outflows from the spot Bitcoin ETFs mark a significant reversal from the record weekly inflows and trading volume observed last week. This turnaround coincides with a continued downturn for Bitcoin, the largest cryptocurrency by market cap, since it reached a peak of $73,836 on March 14.</p>
<p>The price of Bitcoin fell to the $63,000 level for the first time in nearly two weeks, causing an increase in long liquidations on centralized exchanges. Currently, Bitcoin is trading at $63,228, a 7% decrease over the past 24 hours and more than a 10% drop over the past week. Despite this, it remains up by approximately 50% year-to-date.</p>
<p>The broader crypto market has also seen a significant decline recently. The GM30 index, which represents the top 30 cryptocurrencies by market cap, has declined 16% to 137.31 since peaking at 164 on March 14.</p>

Unprecedented $642.5M Daily Outflow From Grayscale’s GBTC Bitcoin ETF: Tracking the Record High

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