Summary
TLDR: US spot bitcoin ETFs have seen net outflows for four consecutive days, totaling $836 million this week. The Grayscale Bitcoin Trust ETF (GBTC) had the highest outflows, offsetting inflows from other funds. Outflows were expected for GBTC, which has a higher fee and was previously listed on OTC markets. Bitcoin’s price drop this week also contributed to the outflows. Industry watchers expect more inflows once major wirehouses approve access to bitcoin funds for their clients.
Key Points
1. US spot bitcoin ETFs have seen net money leave the category for four straight days, matching the longest streak in their 10 weeks of trading.
2. The 10 BTC funds endured net outflows amounting to $94 million on Thursday, putting the segment’s cumulative bleeding at $836 million so far this week, according to Farside Investors data.
3. Outflows were expected for GBTC, which was previously a trust listed on OTC markets, with shares trading at a discount in recent years. It is priced significantly higher than the other spot bitcoin ETFs, carrying a fee of 1.5%.