{"id":13138,"date":"2024-05-02T10:07:40","date_gmt":"2024-05-02T07:07:40","guid":{"rendered":"https:\/\/forklog.com\/en\/record-564-million-outflow-from-bitcoin-spot-etfs-in-a-single-day\/"},"modified":"2024-05-02T10:07:40","modified_gmt":"2024-05-02T07:07:40","slug":"record-564-million-outflow-from-bitcoin-spot-etfs-in-a-single-day","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/record-564-million-outflow-from-bitcoin-spot-etfs-in-a-single-day\/","title":{"rendered":"Record $564 Million Outflow from Bitcoin Spot ETFs in a Single Day"},"content":{"rendered":"<p>On May 1, the outflow from spot Bitcoin ETFs reached a record high since the approval of these products, amounting to $563.8 million. BlackRock&#8217;s IBIT recorded its first negative performance, with an outflow of $36.93 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">According to SoSoValue, yesterday&#8217;s Bitcoin spot ETF had a total net outflow of $564 million, a record high. Grayscale GBTC had a single-day outflow of $167 million, and BlackRock ETF IBIT had its first net outflow, with $36.93 million. The Fidelity ETF FBTC had the largest\u2026 <a href=\"https:\/\/t.co\/jFaWU7q5de\">pic.twitter.com\/jFaWU7q5de<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1785881649387065646?ref_src=twsrc%5Etfw\">May 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Clients withdrew $191.1 million from Fidelity&#8217;s FBTC, surpassing the $167.3 million outflow from Grayscale&#8217;s GBTC.<\/p>\n<p>Ark Invest&#8217;s ARKB saw an outflow of $98.1 million, marking the third-largest in its history.<\/p>\n<p>The total inflow into these products since their inception has decreased to $11.2 billion. By the end of April, this figure had fallen by $343.5 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1018.webp\" alt=\"1-1018\" class=\"wp-image-231926\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/farside.co.uk\/?p=997\">Farside<\/a>.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-01\/bitcoin-btc-etfs-flash-signs-of-stress-as-discounts-reach-records\">Bloomberg<\/a> noted the emergence of price discounts on IBIT and FBTC relative to their <span data-descr=\"net asset value\" class=\"old_tooltip\">NAV<\/span>. The discount reached 1.7% for the former and 1.1% for the latter.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-783.webp\" alt=\"2-783\" class=\"wp-image-231927\"\/><figcaption class=\"wp-element-caption\">Data: Bloomberg.<\/figcaption><\/figure>\n<p><span data-descr=\"chief investment officer\" class=\"old_tooltip\">CIO<\/span> of Bitwise, Matt Hougan, stated that this phenomenon is &#8220;more of an accounting quirk than a real issue&#8221; due to the specific method of calculating Bitcoin&#8217;s value in ETFs.<\/p>\n<p>Exchange-traded funds calculate net asset value using an hourly time-weighted average price of the leading cryptocurrency, which can lead to discrepancies during significant price fluctuations.<\/p>\n<p>Analysts at Standard Chartered have warned that after the digital gold&#8217;s price fell below $58,000, there is a risk of liquidations, as more than half of the positions in exchange-traded funds are at a &#8220;paper&#8221; loss.<\/p>\n<p>Previously, Bernstein <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-sees-bitcoin-etf-inflow-slowdown-as-temporary\">described<\/a> the slowdown in inflows into Bitcoin-based exchange-traded funds as temporary.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 1, the outflow from spot Bitcoin ETFs reached a record high since the approval of these products, amounting to $563.8 million. BlackRock&#8217;s IBIT recorded its first negative performance, with an outflow of $36.93 million. According to SoSoValue, yesterday&#8217;s Bitcoin spot ETF had a total net outflow of $564 million, a record high. Grayscale [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[865,569,1214,1145],"class_list":["post-13138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blackrock","tag-etf","tag-grayscale-bitcoin-trust","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13138"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13137"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}