News - Bitcoin ETFs lose $224 million

By Mike Hesp

Bitcoin ETFs lose $224 million

Bitcoin (BTC)
ETF

Negative surprise at the beginning of the week: Bitcoin ETFs suddenly see high net outflows. Especially from Grayscale. What happens next?

On April 8, U.S. Bitcoin ETFs experienced significant net outflows at the beginning of the week. A total of $223.8 million flowed out of the ten index funds, according to data from Farside Investors.

While the other Bitcoin spot ETF's saw at least slight inflows, the Grayscale Bitcoin Trust (GBTC) lost a whopping $303.3 million on Monday, meaning its market share is now only 38.5 percent, according to Dune.

If this trend continues, GBTC shares will rise by the summer are completely exhausted. CEO Michael Sonnenshein recently expressed optimism, suggesting a possible turnaround in the near future.

The negative start to the new week is surprising because BTC itself performed strongly over the weekend and last Thursday and Friday Bitcoin ETFs posted high net inflows totaling more than $400 million.

Despite the setback, the ten Bitcoin ETFs now have 4.28 percent of the total amount of BTC in circulation, or 842,000 Bitcoin worth just under $60 billion (including GBTC).

The cryptocurrency itself experienced a slight decline and is trading at $70,560 at the time of writing. This represents a price drop of 1.7 percent in the past 24 hours.

There was also a little surprise in the competition among ETF issuers. This time the highest daily net inflows were recorded not by BlackRock's IBIT, but by Bitwise's BITB with $40.3 million. A respectable success.

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