Ifeanyi Jesse 
Spot Bitcoin ETFs Outflow Reach $860M
The spot Bitcoin ETFs had net withdrawals on Monday following a week of net inflows totaling $860 million
Spot Bitcoin ETFs Outflow Reach $860M
The combined U.S. spot Bitcoin ETF had net withdrawals on Monday after recording net inflows every trading day last week, totaling $860 million.
Inflows of $165.9 million from BlackRock’s popular spot Bitcoin ETFs were insufficient to offset $302.6 million in withdrawals from Grayscale’s converted GBTC fund, resulting in a total net outflow of $85.7 million yesterday, according to CoinGlass statistics.
On Monday, Fidelity’s FBTC was second with $44 million in inflows, while Invesco’s BTCO was third with $4.2 million. However, Ark Invest 21Shares’ ARKB ETF had its first outflows since trading began on January 11, losing $300,000. The remaining funds experienced inflows of $0 to $2 million. Net inflows presently total a little over $12 billion.
Grayscale Outflow Reach $302.6 million
Earlier this month, Genesis Global Holdco LLC’s planned sale of 35.9 million GBTC shares, valued at about $2 billion, may have contributed to recent GBTC selling pressure.
Outflows from Grayscale’s higher-fee GBTC fund fell from a high of $642.5 million on March 18 to $104.9 million on March 28, leading some analysts to conclude the selling pressure was easing. Yesterday’s withdrawals pushed the total beyond the daily average of $274 million. However, markets were closed on Good Friday, which may have affected Monday’s figure.
Monday’s report brings GBTC’s total outflows beyond $15 billion since trading began on January 11. According to CoinGlass, the converted fund has plummeted 46% from about 619,000 BTC to 333,619 BTC ($22 billion) throughout the period.
BlackRock’s IBIT has the highest bitcoin under management, with over 252,000 BTC ($17 billion). Fidelity’s FBTC has surpassed 144,000 BTC ($10 billion).
