Monday was a notable day for Bitcoin spot exchange-traded funds (ETFs) as they saw an appreciable amount of activity.
Monday was a notable day for Bitcoin spot exchange-traded funds (ETFs) as they saw an appreciable amount of activity. While the activity of yesterday was something worth noting, the day also went down for something else. That is, the fact that a significant amount of capital flowed out of the funds on the day.
According to data from SoSoValue, investors took out a total of $284 million from Bitcoin spot ETFs on Monday. Fidelity’s FBTC led the outflows after $113.64 million was removed from the fund. Grayscale Bitcoin Trust ETF (GBTC) also experienced an $89.08 million outflow of its own, pushing its historical net outflow to a staggering $21.656 billion.
Other funds that recorded outflows on the day are ARK 21 Shares’ ARKB and Bitwise’s BITB. With outflows of $92.36 million and $18.64 million respectively, it might be safe to say that there is an ongoing trend that suggests that investors may be trying to play safe, or at best, changing investment strategies.
Meanwhile, BlackRock’s IBIT was a standout performer among the Bitcoin spot ETFs on Monday. It had quite a unique day being the only fund to see a positive flow. Per SoSoValue data, IBIT saw $29.46 million in net inflow, bringing its historical cumulative net inflow to $3.7696 billion.
From all indications, IBIT may just be the favored choice of funds among investors. At least, its steady appeal to investors despite the trend in the broader Bitcoin ETF market suggests this.
Notably, some funds, such as the Grayscale Bitcoin Trust BTC ETF (GBTC BTC), had a rather lukewarm day. That is, after they recorded zero flows on the day. This means that GBTC BTC, VanEck’s HODL, and the remaining funds saw no net outflow or inflow on the day.
As of this publication, the combined net asset value of Bitcoin spot ETFs globally stands at $105.05 billion. This represents 5.67% of the total Bitcoin market value, meaning that substantial capital may have flown out of the ETFs on Monday, but still, they hold a reasonable amount of relevance in the crypto ecosystem.
The historical cumulative net inflow across all Bitcoin spot ETFs also now stands at $35.93 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
