Spot Bitcoin ETFs Record $123M Net Inflow Amid Slowing GBTC Outflows

Bitcoin spot exchange-traded funds (ETFs) saw a $123 million net inflow on Wednesday, a reversal from Monday’s outflows less than two weeks ahead of the halving event.

What Happened: Grayscale’s Bitcoin Investment Trust GBTC saw a net outflow of $17.47 million, according to data from SoSoValue, a record-low number for the fund.

Whether the outflow marks the end of a trend remains to be seen. Grayscale CEO Michael Sonnenshein had predicted that outflows would slow down, saying "Some of the selling connected to settlements of bankrupt crypto companies like FTX is largely behind us," in a Reuters podcast.

The Fidelity Bitcoin ETF FBTC emerged as the clear winner yesterday, recording a net inflow of approximately $76.31 million.

BlackRock’s iShares Bitcoin ETF IBIT followed closely with a net inflow of around $33.27 million.

These substantial inflows suggest strong investor confidence in these new entrants to the Bitcoin ETF market.

Also Read: Billionaire Mike Novogratz Sees ‘Great Setup’ For Bitcoin: ‘Call Me Crazy But…’

What’s Next: For those seeking deeper insights into the crypto market landscape and the evolving role of Bitcoin ETFs, the Benzinga Future of Digital Assets conference, happening on Nov. 19, could be a valuable resource.

This event will bring together industry experts to discuss investment strategies, regulatory developments, and the future of digital assets.

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Image created using artificial intelligence with Midjourney.