Bitcoin Spot ETFs See $78M in Outflows After 12 Days of Consecutive Inflows
Bitcoin spot exchange-traded funds (ETFs) witnessed outflows amounting to $77.9704 million on July 23, marking the first net outflow after twelve consecutive days of net inflows.
Among the ETFs, Grayscale’s GBTC recorded a notable net outflow of $27.3094 million, according to data from SoSoValue.
Similarly, the Ark & 21Shares ETF experienced a substantial outflow of $52.29 million, while Bitwise saw an outflow of $70.32 million.
In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) defied the trend with a net inflow of $71.9426 million.
On July 23, the total net outflow of Bitcoin spot ETFs was $77.9704 million, the first net outflow after the net inflow in the past 12 days. Grayscale ETF GBTC had a net outflow of $27.3094 million, Ark & 21Shares had an outflow of $52.29 million, and Bitwise had an outflow of…
— Wu Blockchain (@WuBlockchain) July 24, 2024
It is worth noting that IBIT has captured an impressive 67% of the spot Bitcoin ETF volume market share, a significant leap from its previous record of 61%.
This surge solidifies BlackRock’s dominant position in the crypto ETF arena.
However, it’s important to note that IBIT’s daily trading volume stood at $1.2 billion, which is relatively average for the fund.
This indicates that while IBIT is outperforming its competitors in market share, the overall trading activity within the Bitcoin ETF market remains steady.
The discrepancy between IBIT’s record market share and its average volume suggests a decline in trading activity among other Bitcoin ETFs.
This dynamic allows IBIT to claim a larger market share without a corresponding increase in its own trading volume.
The asset management giant’s reputation, extensive distribution network, and marketing acumen have made it a
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