Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading

Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRock’s product slowed.

The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data — the highest in a single day thus far. 

Grayscale Investments’ Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund. 

Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?

While BlackRock ’s iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively. 

Fidelity Investments ’ Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million. 

The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs. 

Read more: Bitcoin ETF Tracker

After the funds notched net inflows of $43 million on Friday, their outflows totaled $76 million on Monday and $106 million on Tuesday. 

Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, Bloomberg Intelligence data indicates. Inflows for the ETFs — when excluding the outflows of higher-priced GBTC — is $5.2 billion.

David Lawant, head of research at crypto prime brokerage FalconX, said in an X post that the driving forces of spot bitcoin ETF flows — GBTC’s heavy outflows and the sizable net gains from IBIT and FBTC — “will both taper off.” 

“While the former dominates in the short run, the latter will dominate in the medium/long run by a mile,” Lawant added.

Read more: GBTC’s asset bleeding to blame for week of flat crypto product flows

Bitwise Chief Investment Officer Matt Hougan has said he believes spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market. 

21Shares President Ophelia Snyder told Blockworks in an interview earlier this month that a number of investors will be slow to adopt spot bitcoin ETFs. Others that do might start with small allocations before ramping those positions up later on.

“So I think this fixation on the short-term flows is crazy short-sighted and largely not the point,” she said.

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