Following a prolonged withdrawal of funds from spot exchange-traded funds based on the leading cryptocurrency, March 25 saw these instruments record a net inflow of $15.7 million.
In a single day, the largest inflows of $261 million were attributed to FBTC from Fidelity. For IBIT from BlackRock, the figure was $35.5 million.
The converted GBTC from Grayscale remains at the forefront of outflows, with investors withdrawing approximately $350 million over 24 hours.
In recent weeks, interest in spot Bitcoin ETFs has waned somewhat compared to the excitement during the launch of products in the United States.
Five days prior, the total outflow from these instruments amounted to $888 million. On March 19, the negative figure reached $326.2 million.
At the time of writing, the total volume of Bitcoin under the management of funds (excluding GBTC) stands at $30.62 billion.
Trading volumes for spot ETFs based on digital gold continue to decline. As of March 25, the figure reached $6.1 billion, whereas at the beginning of the month, values were around $10 billion.
Bloomberg exchange analyst James Seyffart suggested that the recent outflow might be linked to the bankruptcy process of certain crypto companies.
Cointucky Derby update for the #bitcoin ETFs. Last week was -$888 million for the group. Outflows were likely related to bankruptcy — they were mostly Gemini/Genesis selling. *Expecting* that to slow over the next ~week. They had a total of ~$3.9 bln of $GBTC to sell. pic.twitter.com/qXiog228z8
— James Seyffart (@JSeyff) March 25, 2024
The negative trend is mainly driven by sales from Gemini and Genesis, according to the expert. He noted that the firms allegedly sold GBTC worth $3.9 billion. Seyffart added that he expects the outflow to slow over the week.
Previously, several analysts also suggested a reduction in selling pressure on GBTC.
Back in January, FTX sold 22 million shares of the Grayscale Bitcoin Fund for ~$908 million to meet creditor obligations.
In March, Bitwise’s Chief Investment Officer Matt Hougan predicted that major investment platforms would add support for BTC-ETFs “within the coming weeks.”