US Spot Bitcoin ETFs See Red: Grayscale’s GBTC and Top Funds Hit Hard
On Monday, unlike their ethereum counterparts, spot bitcoin exchange-traded funds (ETFs) witnessed outflows totaling $168.44 million. The primary contributors to this decline were three funds, with Grayscale’s GBTC taking the lead in outflows.
3 Leading Bitcoin ETFs Experience Major Outflows
Grayscale’s Bitcoin Trust (GBTC) experienced a significant outflow of $69.12 million, bringing its total net divestments since Jan. 11, 2024, to $19.13 billion. GBTC wasn’t alone in facing losses; Ark Invest’s and 21shares’ ARKB shed $69 million, while Fidelity’s FBTC saw a $58.04 million decrease, according to sosovalue.xyz and coinglass.com metrics.
U.S. spot bitcoin ETFs have recorded two straight days of outflows according to coinglass.com metrics.
Despite these losses, three other funds managed to secure gains. Grayscale’s Mini Bitcoin Trust, referred to as “BTC,” gained $21.81 million. Vaneck’s HODL added $3 million, and Bitwise’s BITB absorbed $2.9 million.
Meanwhile, Blackrock’s IBIT, along with BRRR, BTCO, EZBC, BTCW, and DEFI, remained steady with no changes. Collectively, these 12 funds have attracted $17.34 billion in cumulative net inflows since they started trading in January.
The recently launched BTC or Mini Bitcoin Trust has quickly accumulated $240.81 million in positive inflows since it began trading. IBIT leads the pack in cumulative inflows, having gathered $20.10 billion to date. On the other end of the spectrum, the Hashdex DEFI spot BTC ETF has recorded the smallest inflows, totaling $2.1 million to date.
Monday’s trading was marked by significant activity, with a recorded volume of $5.24 billion. As of Aug. 6, 2024, these 12 spot BTC ETFs hold a combined $48.43 billion in BTC reserves, accounting for approximately 4.51% of bitcoin’s total market capitalization.
What do you think about the spot bitcoin ETF action on Monday? Share your thoughts and opinions about this subject in the comments section below.
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