Bitcoin ETF

Bitcoin

BlackRock

Spot Bitcoin ETFs, or exchange-traded funds, saw a net outflow of $55 million on Friday, April 12. 
The data signals a reversal after ETFs enjoyed two consecutive days of inflow worth nearly $215 million.&nbsp; 
<h3 class="wp-block-heading" id="bitcoin-etfs-ahead-of-halving">Bitcoin ETFs ahead of halving</h3> 
According to data from <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="">SoSo Value</a>, the largest outflow on Friday came from Grayscale’s GBTC, which saw $166 million withdrawn. 
GBTC continues to see large outflows ahead of the <a href="https://crypto.news/bitcoin-halving-interest-doubled/" rel="">halving</a>, as the ETF also shed $154.9 million on Monday, April 8. 
Conversely, the largest inflow on Friday came from BlackRock IBIT, with the ETF attracting $111 million.&nbsp; 
The impact of Friday’s outflow has been evident in the crypto market. <a href="https://crypto.news/price/bitcoin/" rel="">Bitcoin</a> lost nearly 5% in the past 24 hours, dropping to $65,000. The overall market followed suit, as nearly $900 million was <a href="https://crypto.news/bitcoin-drops-65k/" rel="">liquidated</a>.&nbsp; 
Bitcoin ETFs saw three days of net outflow last week, with a total of $298.4 million in funds exiting from the market. 
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 <img loading="lazy" decoding="async" width="553" height="466" src="https://crypto.news/app/uploads/2024/04/roadmap-3.png" alt="Bitcoin ETFs see $55m net outflow, as BTC drops to $65k - 18"> 
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 Total spot Bitcoin ETF net inflow | Source: <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="">SoSo Value</a>
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 You might also like: <a href="https://crypto.news/bitcoin-drops-65k/" rel=""> Bitcoin drops to $65k, crypto market nears to $900m in liquidations </a> 
Despite the consecutive outflows from GBTC, Grayscale’s CEO, <a href="https://crypto.news/bitcoin-etf-grayscale-outflows-april/" rel="">Michael Sonneshein</a>, remains optimistic. Recently, Sonneshein emphasized that the withdrawals from GBTC have likely reached equilibrium. He believes that the outflow will significantly slow as Grayscale decreases its Bitcoin ETF fees.&nbsp; 
The continuous outflows from the ETF market could also be driven by a pre-halving pullback. There is a common anticipation that the Bitcoin halving generally leads to a larger bull market for the largest cryptocurrency. So, a pullback occurs when investors start taking profits in the short-term and tend to invest again when there is a dip.&nbsp; 
However, it’s also likely that investors are cautious about the halving not producing substantial rallies like previous years, as Marathon Digital recently <a href="https://crypto.news/marathon-ceo-expects-no-explosive-surge-for-bitcoin-halving-priced-in/" rel="">predicted</a> that BTC has already reached its peak after the approval of ETFs earlier this year.&nbsp; 
 Read more: <a href="https://crypto.news/us-government-bitcoin-holdings/" rel=""> US government tops global Bitcoin holdings with $15b in assets </a>

Bitcoin ETFs see $55m net outflow, as BTC drops to $65k

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