The U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) registered cumulative outflows of $4.3 million on Thursday, extending the four-day run of withdrawals ahead of the supposedly bullish mining reward halving.
Since April 12, the ETFs have witnessed a total net outflow of over $319 million, with Grayscale's GBTC accounting for a large share of the withdrawals, provisional data published by Farside Investors showed.
The Grayscale ETF has been losing money since day one for several reasons, including the fund's relatively costly fee structure. So, GBTC outflows may not be a cause for concern, but the recent slower inflows into other ETFs might be.
"Key liquidity drivers, such as stablecoin growth and US-listed Bitcoin ETF inflows, have slowed down - as we have mentioned for several weeks. ETF flows peaked on March 12, and four consecutive days of net outflows have recently been seen. Demand for US-listed Bitcoin ETFs appears saturated, as even a 10-15% decline in Bitcoin prices has not increased net inflows," Matrixport said in a market update early Friday.
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