Bitcoin ETFs Experience Net Outflow of $55 Million Ahead of Halving
Spot Bitcoin ETFs experienced a significant net outflow of $55 million on Friday, April 12, marking a reversal after two consecutive days of inflow totaling nearly $215 million. The data, sourced from SoSo Value, revealed that the largest outflow came from Grayscale’s GBTC, with $166 million withdrawn. This trend of outflows from GBTC has been consistent, as the ETF also saw $154.9 million pulled out on Monday, April 8.
On the other hand, BlackRock IBIT attracted the largest inflow on Friday, with $111 million entering the ETF. The impact of this outflow was felt in the crypto market, with Bitcoin dropping nearly 5% in the past 24 hours to $65,000. Additionally, approximately $900 million was liquidated across the overall market.
Last week, Bitcoin ETFs experienced three days of net outflow, totaling $298.4 million in funds exiting the market. Despite the continuous outflows from GBTC, Grayscale’s CEO, Michael Sonneshein, remains optimistic. He believes that the withdrawals have reached equilibrium and will slow significantly as Grayscale reduces its Bitcoin ETF fees.
The outflows from the ETF market may also be influenced by a pre-halving pullback. Many investors anticipate that the Bitcoin halving will lead to a larger bull market for the cryptocurrency, prompting some to take profits in the short-term and reinvest during dips. However, there are concerns that the halving may not produce substantial rallies as in previous years, with Marathon Digital predicting that BTC has already reached its peak following the approval of ETFs earlier this year.
As the market continues to fluctuate, investors are closely monitoring the movements of Bitcoin ETFs and preparing for potential shifts in the crypto landscape. Stay updated on the latest developments by following us on Google News.
