Summary
U.S. spot bitcoin ETFs saw outflows of $4.3 million ahead of the mining-reward halving, with a total of $319 million withdrawn since April 12. Grayscale’s GBTC had the largest outflow of $90 million, partially offset by inflows into Fidelity’s FBTC and BlackRock’s IBIT. GBTC has been experiencing outflows due to high fees, but slower inflows into other ETFs may be a concern.
Key Points
1. U.S.-based spot bitcoin exchange-traded funds (ETFs) experienced outflows totaling $4.3 million on Thursday, continuing a trend of withdrawals leading up to the mining-reward halving event.
2. Since April 12, these ETFs have seen a total net outflow of over $319 million, with Grayscale’s GBTC accounting for a significant portion of the withdrawals.
3. Despite the outflows from GBTC, there have been inflows into other ETFs like Fidelity’s FBTC and BlackRock’s IBIT, but the overall trend suggests a slower rate of new investments in these products.