Bitcoin ETFs record outflows

A very bad start to May for Bitcoin ETFs. Yesterday, Wednesday, US$564 million flowed out of the ten index funds, new data from Farside Investors. A negative record. There was one surprise: not the Grayscale Bitcoin Trust, but Fidelity's third-largest Bitcoin ETF (FBTC) suffered the highest daily net outflows at over $191 million.

GBTC followed in second place among the losers with a loss of $167 million, representing market share according to Dune now stands at only 35.7 percent. This brings the ETF flip closer, as BlackRock is likely to become the market leader in the near future.

However, a look at the iShares Bitcoin Trust shows that BlackRock also faced a net outflow of USD 37 million yesterday. Still, the IBIT was able to increase its market share to 33.2 percent as its competitors lost even more. While Bitcoin ETFs were all in the red, the cryptocurrency itself is trading at USD 57,710. A slight price gain of 0.61 percent from the previous day.

Despite the current net outflow, the ten Bitcoin ETFs together still have 826,000 Bitcoin and thus a significant 4.19 percent of the total amount of BTC in circulation.

The outflows from BTC could be a negative sign, as Bitcoin ETFs from BlackRock and Fidelity in particular continued to grow in the first quarter, offsetting the outflows from the relatively expensive GBTC.