On April 1, net outflows from spot Bitcoin ETFs reached $85.8 million. The trend turned negative again on the fifth trading day due to Grayscale’s GBTC, which saw $302.6 million in client funds withdrawn, according to SoSoValue.
Inflows into BlackRock’s IBIT amounted to $165.85 million, while Fidelity’s FBTC saw $44 million.
This was insufficient to offset the outflows from GBTC, which since the product’s approval have exceeded $15 billion.
In terms of Bitcoin, the fund’s balance fell from 619,000 BTC to 333,619 BTC ($22 billion), according to CoinGlass. The equivalent figures for IBIT and FBTC rose to 255,050 BTC ($16.85 billion) and 146,600 BTC ($9.69 billion), respectively.
ARKB from Ark Invest 21Shares recorded its first-ever outflow of $0.3 million.
The slowdown in daily withdrawal rates from GBTC, from a record $642.5 million on March 18 to $104.9 million on March 28, led to expectations of reduced impact on the overall inflow dynamics into BTC-ETFs.
CoinShares has suggested that Bitcoin ETFs may face a demand shock in the coming months.
CIO of Bitwise, Matt Hougan, predicted an increase in the allocation of digital gold to 3% amid the success of exchange-traded funds.