Bitcoin ETFs in the United States have seen a continuous decline in the past five days, with a total of $161.6 million being withdrawn. Grayscale’s Bitcoin Trust (GBTC) has also been reducing its reserves, selling 1,731.56 BTC in the last two days, bringing its holdings down to 296,713.90 BTC.
This trend of outflows for Bitcoin ETFs began on April 24, 2024, and has resulted in a total withdrawal of $635 million. The largest reduction occurred last Thursday, with $217.6 million being pulled out. Yesterday’s outflow of $161.6 million was the second highest recorded. It is worth noting that GBTC has consistently experienced outflows since its launch on January 11, 2024, breaking all previous records.
Just two days ago, GBTC’s reserves fell below the 300,000 BTC mark, with an additional 1,731.56 BTC being withdrawn since Monday. As of May 1, 2024, at 9:30 a.m. ET, GBTC’s holdings have decreased to 296,713.90 BTC. Grayscale values these assets at $17.55 billion, but due to the volatility of BTC’s price, the actual value is adjusted to $17.11 billion based on Wednesday’s exchange rates.
Blackrock’s IBIT has not received any new inflows and maintains a balance of 274,462.04 BTC, the same as two days ago. The estimated AUM for Blackrock is $16.45 billion, but the value as of Wednesday is closer to $15.82 billion. Fidelity’s FBTC has seen several days of outflows, while Ark Invest’s ARKB has experienced a mix of both outflows and inflows during the same period.
Currently, FBTC holds 152,902.72 BTC in reserves, while ARKB manages a portfolio of 43,241 BTC. Bitwise’s BITB fund has reserves of 33,421.46 BTC after three days of outflows, one day without changes, and one day of inflows. Interestingly, Tuesday’s trading volume reached $2.85 billion, surpassing the volume of $2.56 billion and the net reduction of $120.6 million observed on April 24.
What are your thoughts on the consecutive days of outflows this week? Feel free to share your opinions in the comments section below.
