Grayscale Bitcoin Trust (GBTC) experienced a decrease in outflows for the first time since the introduction of spot Bitcoin ETFs on April 2. This drop in outflows came as ARK 21Shares (ARKB) reported outflows of $87.5 million, according to data from Coinglass.
GBTC, on the other hand, saw its lowest outflows since March 12, totaling $82 million. Information about outflows for other ETFs such as IBIT and FBTC was not available at the time of reporting.
The significant decrease in outflows for GBTC is noteworthy as the fund has consistently seen high outflows. Data over the long term reveals that GBTC has had $15 billion in net outflows since its launch in January, making it the only spot Bitcoin ETF with negative net flows.
While GBTC has struggled with outflows, the overall spot Bitcoin market has seen positive net inflows. The Newborn Nine, a group of ETFs, have collectively attracted over $12 billion in net inflows since their launch. In late March, spot Bitcoin ETFs saw over $800 million in inflows.
Market observers noted that spot Bitcoin ETF trading volumes surged to $111 billion in March, triple the levels seen in January and February.
BlackRock and Fidelity’s Bitcoin ETFs, IBIT and FBTC, have become popular among investors within the first three months of their launch. Both ETFs have seen continuous cash inflows for 52 consecutive days, demonstrating strong investor confidence.
Despite market fluctuations, investors have shown strategic patience and confidence in these ETFs, indicating a more sophisticated and resilient investor base. Overall, the growing interest in Bitcoin among traditional investors is reflected in the increasing popularity of these ETFs.
