Spot Bitcoin ETFs Continue to See Net Outflows as BTC Price Drops Below $67K
Spot Bitcoin (BTC) exchange-traded funds (ETFs) saw outflows on Monday as the flagship cryptocurrency dropped below $67,000.
According to data from investment firm Farside , outflows from Grayscale’s Bitcoin ETF (GBTC) surged once again, reaching over $300 million on that day.
The combined net outflow for Bitcoin spot ETFs reached $85.84 million, driven primarily by the significant outflow from GBTC.
On the other hand, BlackRock’s ETF IBIT saw a net inflow of $165 million, and Fidelity’s ETF FBTC recorded a net inflow of $43.99 million.
Overall, Bitcoin spot ETFs have attracted a cumulative net inflow of $12.04 billion.
According to SoSoValue, Bitcoin spot ETFs had a total net outflow of $85.84 million on April 1. Grayscale ETF GBTC had a single-day net outflow of $302 million, BlackRock ETF IBIT had net inflow of $165 million, Fidelity ETF FBTC had net inflow of $43.99 million, and the Bitcoin… pic.twitter.com/hCp6nk7T1Q
— Wu Blockchain (@WuBlockchain) April 2, 2024
The negative flows in Bitcoin ETFs coincide with a correction in the price of Bitcoin, which dropped 5% to as low as $66,000.
As of now, the leading cryptocurrency is trading at $66,858, down by more than 4% over the past day.
Interestingly, the correction comes just weeks before the upcoming Bitcoin halving event, which is expected to occur in 19 days.
The correction might dampen analysts’ expectations of Bitcoin reaching $75,000 by the halving event.
As April begins, the retreat in the crypto market suggests a weakening momentum in the recent rally, particularly characterized by Bitcoin’s surge to an all-time high.
The shift in sentiment reflects a cautious stance prevailing in global markets, driven by lingering inflationary pressures in
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