U.S. Spot Bitcoin ETF Landscape: Outflows Continue to Persist

On April 8, 2024, the U.S. spot bitcoin ETFs saw a substantial $223.8 million in outflows, and on April 9, withdrawals continued, amounting to $19.4 million. GBTC encountered further outflows on Tuesday, whereas Blackrock’s IBIT and Fidelity’s FBTC observed capital inflows.

Specifically, Blackrock’s IBIT, which had 264,233.64 BTC on Tuesday, reported holdings of 266,101.68 BTC the following day, indicating an acquisition of 1,868.04 BTC from the day’s market activities. FBTC’s holdings increased slightly from 150,650.94 BTC on Tuesday to 150,694.67 BTC, adding a total of 43.73 BTC to its reserves.

Meanwhile, GBTC’s holdings saw a reduction of 4,245.47 BTC overnight, moving from 322,697.17 BTC to 318,451.70 BTC. This shift signifies that from Jan. 12, 2024, to April 10, Grayscale’s Bitcoin Trust has divested a total of 298,628.29 BTC, or approximately $20.39 billion.

From the onset of trading on Jan. 11, U.S. spot bitcoin ETFs have tallied over $200 billion in trade volume. Approximately $2.89 billion in volume was recorded on Tuesday. As of April 10, the market capitalization for all spot ETFs stands at roughly $60.27 billion, with the estimated assets under management (AUM) for these ETFs valued at about $56.57 billion.