Spot Bitcoin ETFs Outflow Net $224M Despite BTC’s Jump Above $72K

Monday, April 8, saw an aggregate outflow of $224 million from the newly launched eleven spot Bitcoin ETFs, according to preliminary data from Farside Investors.GBTC shed $303 million on the day, which was around 4,300 BTC. Its total outflow since the fund was converted to a spot ETF in January is $15.8 billion, which is equivalent to 48% of the BTC held in it before the conversion.

The day’s leading fund was the Bitwise BITB ETF, which had an inflow of $40.3 million. ARK 21Shares’ ARKB was third with a $9.3 million inflow, but in general, ETF inflow figures were weak. Bloomberg ETF analyst Eric Balchunas looked at the bigger picture, reporting that IBIT and FBTC have now taken cash for 59 straight days and are now in the top 20 all-time.have now taken cash for 59 straight days and are now in the Top 20 all-time. via ⁦The outflow comes as Bitcoin prices reached their highest level for over three weeks, tapping $72,500 in late trading on April 8.

He added that these need approval from several regulators, including the SEC, CFTC, and OCC, so it “could take a while, and there’s no set time frame for all of it to be done.”The Most Popular Airdrops to Watch For in 2024Sign-up FREE to receive our extended weekly market update and coin analysis report

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