Following the recent approval by the SEC, the ETH ETFs have been gaining significant attention, while the Bitcoin ETFs are facing challenges to maintain their position. SpotOnChain, a well-known on-chain analytics company, has revealed that the top Bitcoin ETFs from Grayscale and BlackRock are experiencing frequent outflows. The analytics provider shared the latest data on both exchange-traded funds.
SpotOnChain disclosed on X that there was a net inflow of +28 million on May 29, 2024 for Bitcoin ETFs. Despite the positive net inflow for 12 consecutive days, the volume has been low in the last two days. Additionally, Grayscale (GBTC) saw outflows for two consecutive days, while the single-day inflow of BlackRock (IBIT) dropped significantly.
In a recent update, SpotOnChain highlighted that the net inflow for Bitcoin ETFs was only $28 million on May 29th. The analytics platform also mentioned the consistent positive net inflows for BTC ETFs over the past twelve days. However, it noted a decline in the volume of the exchange-traded funds by GBTC and BlackRock in the last couple of days.
SpotOnChain emphasized that the Grayscale Bitcoin ETF, in particular, has been experiencing significant outflows for the past few days, impacting its overall performance. On the other hand, BlackRock’s IBIT ETF outperformed GBTC in terms of market performance, with a single-day inflow of $24.6 million compared to GBTC’s $102.5 million.
Overall, the reports indicate that GBTC witnessed outflows of approximately $105 million on the 28th, while IBIT saw inflows of $102.5 million. The scenario reflects the ongoing challenges faced by Bitcoin ETFs amidst the growing interest in ETH ETFs.