Summary
TLDR: US spot bitcoin ETFs saw net outflows last week, losing $83 million in assets. The Grayscale Bitcoin Trust ETF had consistent outflows, while other funds were not able to fully offset the negative flows. This came during a week where bitcoin’s price fell, signaling increased profit-taking and investor caution. Trading volumes were average, and investors are hesitant due to stalled price momentum. ETP and ETF activity dropped, showing caution among investors.
Key Points
1. US spot bitcoin ETFs saw net outflows last week, with $83 million in assets leaving the 11-fund category from April 8 to April 12.
2. The Grayscale Bitcoin Trust ETF (GBTC) experienced consistent outflows, with $767 million leaving last week, while other leading funds like BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund were not able to fully offset the negative net flows.
3. The latest outflows from US spot bitcoin ETFs signal increased profit-taking and investor caution following a strong uptrend over the last two quarters, with trading volumes standing at about $3.2 billion per day.