Bitcoin ETFs See Record Outflows

Bitcoin ETFs See Record Outflows

Bitcoin exchange-traded funds have still had another disastrous dayrecording record receipts of $563 million.

Bitcoin exchange-traded funds have still had another disastrous dayrecording record receipts of $563 million.

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BlackRock’s IBIT also recorded inflows for the first time. The record-breaking ETF lost approximately $37 million.

Grayscale’s GBTC also recorded substantial inflows of approximately $167.4 million.

Fidelity’s FBTC also saw capital outflows worth $191 million, performing even worse than GBTC.

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Overall, not a single Bitcoin ETF recorded inflows on Wednesday, in what appears to be an alarming sign of rapidly declining demand.

While these numbers may seem disastrous at first glance, Nate Geraci, president of ETF Store, was quick to downplay their severity, pointing to the fact that the BlackRock ETF, for example, has raised more than $15 billion in so far this year. base. For comparison, gold ETFs have seen billions of dollars in outflows this year even though gold is up 16% in 2024 so far. “This is what ETFs do. Capital inflows don’t increase in a straight line,” he added.

On Wednesday Bloomberg reported that Bitcoin ETFs had begun to show signs of stress with significant discounts to the value of the underlying asset. Leading ETF analyst James Seyffart said it was “not a good look” for the funds. However, these dislocations can still occur when there is a high level of volatility.

At press time, Bitcoin is currently trading at $57,387, according to CoinGecko. data.

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