Bitcoin ETFs post $76M in net outflows on ‘bad’ 7th day of trading

Spot Bitcoin exchange-traded funds (ETFs) have seen $76 million in net outflows on their seventh day of trading, according to new data from Bloomberg ETF analyst James Seyffart.

In a Jan. 23 post on X (formerly Twitter), Seyffart wrote that it had been a “bad day” overall for Bitcoin ETFs in the “Cointucky Derby,” noting that Grayscale has the largest net outflows among the ETFs.

“$640 million flow out today. Outflows aren’t slowing -- they’re picking up. This is the largest outflow yet for GBTC. Total out so far is $3.45 billion,” added Seyffart.

Speaking to Cointelegraph, Seyffart said that overall, the flows into the spot Bitcoin ETFs remained positive, with BlackRock enjoying its third-largest days of positive flows so far, netting a total of $272 million in inflows on the day.

“On a net basis we have seen over $1.1 billion flow into spot bitcoin ETFs, even after accounting for the GBTC outflows,” he said.

While Seyffart admitted that the outflows from GBTC appeared to be “unceasing,” at this time, he expects the GBTC-led dumping to cool off in the coming fortnight.

#news #btc #etf #grayscale

Jan-23-2024 09:40:55 AM