According to data provided by SoSoValue, there was a net outflow of $89.73 million from spot Bitcoin ETFs on the last trading day of the week, August 9. The outflows from spot ETFs followed the largest cryptocurrency’s rapid recovery from $48,800 on Monday to above the $60,000 threshold, causing the upward trend to pause.
Grayscale’s Spot ETF Leads with $76.99 Million Outflow
Grayscale’s flagship ETF, GBTC (Grayscale Bitcoin Trust), led the outflows with $76.99 million. This outflow from GBTC constitutes a significant portion of the total net outflows from spot Bitcoin ETFs. The primary reason for this is attributed to investors‘ continued tendency to distance themselves from Grayscale’s product or to take profits.
It is known that GBTC was a preferred investment vehicle for institutional and individual investors wanting indirect exposure to Bitcoin for a long time, but it was converted to a spot ETF on January 10, 2024, following the SEC’s approval.
In contrast, Grayscale’s mini spot Bitcoin ETF, BTC, saw an inflow of $15.61 million. This indicates that some investors are leaning towards a smaller-scale and possibly more flexible investment vehicle. Grayscale’s mini ETF offers investors access to Bitcoin with lower transaction fees.
Fidelity’s spot Bitcoin ETF, FBTC, ranked second with a $19.85 million outflow, followed by Bitwise’s spot Bitcoin ETF, BITB, with an $18.14 million outflow.
BlackRock’s Spot Bitcoin ETF IBIT Sees Continued Inflows
On the other hand, BlackRock’s spot Bitcoin ETF, IBIT, saw an inflow of $9.65 million. The interest in BlackRock’s spot ETF particularly highlights the continued attraction of institutional investors to the fund.
BlackRock is currently the largest issuer of spot Bitcoin ETFs by the amount of BTC held in its fund, continuously increasing its influence on the cryptocurrency market.
