Bitcoin ETF

Bitcoin

Spot

On Thursday, May 9, the <a href="https://coingape.com/us-spot-bitcoin-etf-challenge-global-etps-by-ramping-up-827k-btc/" target="_blank" rel="noopener">U.S. Spot Bitcoin ETFs</a> recorded significant net outflows as Grayscale’s GBTC ETF outpaces the inflows by its rivals. The net outflow for the day amounted to $11.3 million. Meanwhile, Grayscale accounted for over $40 million negative flows as it sold 700 BTC. 
<h2 id="bitcoin-etf-outflows-surge">Bitcoin ETF Outflows Surge</h2> 
According to Farside UK data, Grayscale’s GBTC resumed its trend as the sole ETF facing negative flows, witnessing a total of $43.4 million outflows. Despite the outflows, GBTC remains a prominent player in the market as it broke it’s outflow trend last Friday with over $60 million influx. 
On the flip side, Blackrock’s IBIT ETF witnessed a resurgence in inflows. The IBIT Bitcoin ETF saw a notable influx of $14.2 million, indicating investor confidence in this particular ETF. Furthermore, Fidelity’s Wise Bitcoin ETF (FBTC) also experienced a positive movement with a $2.7 million inflow. 
<a href="https://coingape.com/bitwise-bitcoin-etf-bitb-outshines-others-with-11m-inflows-whats-next/" target="_blank" rel="noopener">Bitwise’s BITB ETF</a> attracted $6.8 million in inflows. This solidifies its position as a preferred choice among investors as it was the only ETF with inflows on Wednesday, May 8. The BITB ETF accounted for $11.5 million inflows on Wednesday while other ETFs recorded zero flows. 
Whilst, Ark 21shares (ARKB) ETF witnessed a healthy influx of $4.4 million on Thursday. WisdomTree’s BTCO and Franklin Templeton’s EZBC Bitcoin ETF both saw modest inflows. The BTCO and EZBC ETFs registered an influx of $2.2 million and $1.8 million respectively. 
However, it’s worth noting that other ETFs, including those of Hashdex, VanEck, Valkyrie, and Invesco Galaxy, didn’t witness any flows on Thursday. This suggests a lack of interest in these Spot Bitcoin ETF products. 
Also Read:&nbsp;<a href="https://coingape.com/chicago-hedge-fund-ctc-alternative-holds-685k-blackrock-btc-etf/" target="_blank" rel="noopener">Chicago Hedge Fund CTC Alternative Holds 685K BlackRock BTC ETF</a> 
<h2 id="btc-price-rebounds">BTC Price Rebounds</h2> 
Despite the negative flows in the Bitcoin ETF arena, the BTC price rebounded past $63,000 today. As of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was up by 3.21% to $63,138.35 with a market valuation of $1.24 trillion on Friday. Whilst, the 24-hour trading volume for BTC surged 7.11% to $26.06 billion. 
Amid the recovering Bitcoin price trajectory, short sellers engaged in a liquidation spree. According to <a rel="nofollow" href="https://www.coinglass.com/currencies/BTC" target="_blank">Coinglass</a> data, short liquidations amounted to $28.14 million out of $36.94 total liquidations. The short squeeze could send the BTC price higher momentarily, however, sizeable long liquidations may obstruct the rally. 
Also Read:&nbsp;<a href="https://coingape.com/massmutual-adds-bitcoin-to-balance-sheet-via-gbtc-bitcoin-etf/" target="_blank" rel="noopener">Breaking: MassMutual Adds Bitcoin To Balance Sheet Via GBTC Bitcoin ETF</a> 
The post <a href="https://coingape.com/bitcoin-etf-records-11m-outflow-as-grayscale-exodus-continues/">Bitcoin ETF Records $11M Outflow As Grayscale Exodus Continues</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin ETF Records $11M Outflow As Grayscale Exodus Continues

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