Following the SEC’s approval, the ETH ETFs are gaining significant attention, while Bitcoin ETFs are facing challenges. SpotOnChain, a renowned on-chain analytics firm, has revealed that top Bitcoin ETFs from Grayscale and BlackRock are experiencing frequent outflows. The company took to X to share the latest data on these exchange-traded funds.
On May 29, 2024, there was a net inflow of +28M for Bitcoin ETFs, marking 12 consecutive days of positive net inflows, although the volume has been low for the past two days. GBTC, associated with Grayscale, saw outflows for two consecutive days, while BlackRock’s IBIT witnessed a drop in single-day inflows from $102.5M.
SpotOnChain highlighted the decline in GBTC’s volume amidst the consistent Bitcoin outflows over the last two days. The analytics platform emphasized the overall positive net inflows for BTC ETFs over the recent twelve days.
However, SpotOnChain also addressed the negative trends in Bitcoin ETFs, particularly noting the continuous decrease in volume for both GBTC and BlackRock ETFs. The platform reported a significant drop in the last couple of days. In particular, the status of the Grayscale Bitcoin ETF was discussed, revealing substantial outflows affecting GBTC for multiple days.
IBIT, the BlackRock ETF, outperformed GBTC in terms of market performance, with a single-day inflow of approximately $24.6 million. On the other hand, BlackRock’s ETF saw a single-day inflow of nearly $102.5 million. Reports indicated that GBTC experienced outflows of around $105M on the 28th, while IBIT saw inflows of $102.5M.
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