Spot Bitcoin ETFs See $34M Net Outflow On Thursday

Spot Bitcoin BTC/USD ETFs experienced a new net outflow of $34.36 million on Thursday, signifying a continued trend of investor caution following the record-breaking outflows witnessed earlier this week.

What Happened: Grayscale‘s GBTC GBTC, the world’s largest Bitcoin investment vehicle, saw a significant single-day outflow of $55 million, according to data from SoSoValue.

BlackRock’s iShares Bitcoin Trust IBIT and the Fidelity Bitcoin ETF FBTC remained stagnant, recording no new outflows.

Meanwhile, the story was different for innovation-focused ETFs like ARK 21Shares Bitcoin ETF ARKB, which saw inflows of $13 million, suggesting investors are seeking opportunities beyond just Bitcoin.

It’s important to note that the trading volume in Hong Kong’s six virtual asset spot ETFs remains relatively low compared to the US market, with total trading volume for at approximately $6.26 million on Thursday.

Also Read: MicroStrategy Unveils Decentralized Identity Service Built On Bitcoin’s Ordinals Protocol

In contrast, the combined trading volume for 11 U.S. Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.

This data paints a picture of a market where investors are exhibiting a cautious approach towards Bitcoin spot ETFs, potentially seeking diversification within the broader digital asset landscape.

As the digital asset ecosystem continues to evolve, it’ll be interesting to see how investor sentiment and fund flows shift in the coming months.

What’s Next: For a deeper dive into the future of digital assets and the potential impact of such trends, consider attending the upcoming Benzinga’s Future of Digital Assets event on Nov. 19.

This event will bring together industry leaders and experts to discuss the latest developments and opportunities within the digital asset space.

Read Next: Bitcoin Market In Distribution: Are We Nearing A Bottom?

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