On Thursday, May 9, the U.S. Spot Bitcoin ETFs recorded significant net outflows as Grayscale’s GBTC ETF outpaces the inflows by its rivals. The net outflow for the day amounted to $11.3 million. Meanwhile, Grayscale accounted for over $40 million negative flows.

Bitcoin ETF Outflows Surge

According to Farside UK data, Grayscale’s GBTC resumed its trend as the sole ETF facing negative flows, witnessing a total of $43.4 million outflows. Despite the outflows, GBTC remains a prominent player in the market as it broke it’s outflow trend last Friday with over $60 million influx.

On the flip side, Blackrock’s IBIT ETF witnessed a resurgence in inflows. The IBIT Bitcoin ETF saw a notable influx of $14.2 million, indicating investor confidence in this particular ETF. Furthermore, Fidelity’s Wise Bitcoin ETF (FBTC) also experienced a positive movement with a $2.7 million inflow.

Bitwise’s BITB ETF attracted $6.8 million in inflows. This solidifies its position as a preferred choice among investors as it was the only ETF with inflows on Wednesday, May 8. The BITB ETF accounted for $11.5 million inflows on Wednesday while other ETFs recorded zero flows.

Whilst, Ark 21shares (ARKB) ETF witnessed a healthy influx of $4.4 million on Thursday. WisdomTree’s BTCO and Franklin Templeton’s EZBC Bitcoin ETF both saw modest inflows. The BTCO and EZBC ETFs registered an influx of $2.2 million and $1.8 million respectively.

However, it’s worth noting that other ETFs, including those of Hashdex, VanEck, Valkyrie, and Invesco Galaxy, didn’t witness any flows on Thursday. This suggests a lack of interest in these Spot Bitcoin ETF products.

Also Read: Chicago Hedge Fund CTC Alternative Holds 685K BlackRock BTC ETF

BTC Price Rebounds

Despite the negative flows in the Bitcoin ETF arena, the BTC price rebounded past $63,000 today. As of writing, the Bitcoin price was up by 3.21% to $63,138.35 with a market valuation of $1.24 trillion on Thursday. Whilst, the 24-hour trading volume for BTC surged 7.11% to $26.06 billion.

Amid the recovering Bitcoin price trajectory, short sellers engaged in a liquidation spree. According to Coinglass data, short liquidations amounted to $28.14 million out of $36.94 total liquidations. The short squeeze could send the BTC price higher momentarily, however, sizeable long liquidations may obstruct the rally.

Also Read: Breaking: MassMutual Adds Bitcoin To Balance Sheet Via GBTC Bitcoin ETF

The post Bitcoin ETF Records $11M Outflow As Grayscale Exodus Continues appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am