GBTC outflows overpower spot bitcoin ETF inflows
GBTC continues to experience significant outflows.Every other spot bitcoin ETF experienced net inflows yesterday.
The primary reason was Grayscale's GBTC spot ETF, which saw a single-day net outflow of over $303 million. Every other bitcoin ETF saw net inflows — led by Bitwise Bitcoin BTC +1.42% ETF's more than $40 million net inflow and BlackTock's iShares Bitcoin Trust's more than $21 million net inflow — according to data from SoSoValue.
When taken in combination, the total net outflow among spot bitcoin ETFs amounted to nearly $224 million.
When looking at the past week, nearly $1 billion in bitcoin flowed into the U.S. bitcoin ETFs — with BlackRock's product devouring the lion's share.
Overall, cumulative spot bitcoin ETF volumes have decreased at a steady rate since peaking in early March.
The price of bitcoin is currently above $70,500, according to The Block's Bitcoin Price Page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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