6 months ago
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The daily trading volume of the US spot Bitcoin ETFs has significantly declined since March.
Grayscale’s spot Bitcoin exchange-traded fund (ETF) GBTC recorded yet another daily net inflow on Monday, its second time to do so in a long time. According to SoSo Value data, the GBTC saw about $4 million on the day to continue its momentum from last Friday.
Since GBTC’s conversion into a spot Bitcoin trust in January, it has experienced untold levels of outflows. Its cumulative net outflows stand at $17 billion. This means that it has gone from managing 619,220 BTC as of January 11 to the current 292,217 BTC ($18.4 billion) under its management. That is according to data available on its website.
Despite the lacklustre outlook for the fund, the GBTC ETF saw its 78-day streak of net outflows come to an end on Friday. It saw an inflow of $63 million on the day and has now extended the inflow streak.
GBTC Paints a General Picture of US Spot Bitcoin ETFs
Meanwhile, Monday was a general day of inflows for the 11 US-based spot bitcoin ETFs. The funds added a total of $217.06 million worth of funds on Monday, with Fidelity’s FBTC doing the most. FBTC led the net inflows with $99 million and was followed by Ark Invest’s Bitcoin fund, which saw $76 million, according to SoSo Value data.
BlackRock’s IBIT fund also came out from last week’s zero to negative flows to post an inflow of $22 million on the day. SoSo Value data showed Invesco and Galaxy Digital’s BTCO recording $11 million worth of daily net inflows, while funds from Bitwise, VanEck, and Franklin Templeton each saw net inflows of roughly $2 million.
Meanwhile, it might also be worth noting that the general inflows recorded by the funds represent a continuation of the trend of positive flow they regained last Friday. The last time that the funds saw a positive flow before Friday was April 23. Following that, the US spot Bitcoin ETFs recorded the first net monthly outflow, with about $343.5 million being moved out of the funds.
Also it’s worth noting that the daily trading volume of the US spot Bitcoin ETFs has significantly declined since March. Last week’s records placed the total trading volume around $11 billion. When compared with the over $32 billion recorded in the first week of March, the difference is now more than obvious.
