Daily Outflows from US Spot Bitcoin ETFs Hit $120M
According to data from SoSoValue, US-based spot Bitcoin exchange-traded funds experienced a net outflow of $120.64 million on Wednesday, as eight products did not see any movement of funds.
This information was reported by SoSoValue, which tracks data related to these funds. Grayscale’s GBTC had the largest outflow of $130.42 million, while Fidelity and Ark Invest had inflows totaling approximately $10 million.
Eight other funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows. BlackRock’s IBIT, in particular, ended its 71-day streak of positive inflows on Wednesday.
However, crypto analyst Rachael Lucas of BTC Markets stated that days with zero inflows are common and do not necessarily indicate product failure.
She also pointed out that these patterns can be influenced by market performance and geopolitical tensions, highlighting the complexities beyond just ETF flows.
Joe Caselin, head of institutional marketing at BIT crypto exchange, echoed this sentiment, stating that zero flows in ETFs are not unusual and could simply be a sign of excitement cooling down.
