US spot Bitcoin ETFs experienced unprecedented outflows on Wednesday as the majority of these came from funds that were not Grayscale BTC.
As bitcoin’s value dropped significantly, net money left the coffers of ten spot bitcoin ETFs in US trading on Wednesday. Hashdex fund had zero inflows.
Farside Investors’ data shows that the Grayscale Bitcoin Trust ETF GBTC contributed $167 millions of the $564 in outflows on the same day.
But Fidelity Investments saw the most capital leave its bitcoin ETF, enduring $191 million of net outflows — by far its most ever in a single day.
BlackRock’s iShares Bitcoin Trust, or IBIT, had experienced five days in a row of no flows. This was after a 71-day run of net cash flow ended. According to data, on Wednesday the fund saw its first-ever net outflows amounting $37 millions.
Ark 21Shares Bitcoin ETF ARKB lost $98 million while other ETFs saw less capital drained.
The outflows on Wednesday are a result of a stagnant bitcoin ETF market over the past month. Analysts believe that this is due to some investors taking profit after seeing a big increase in their stocks’ price since they entered the market this year.
The fund sector has never seen such a large outflow of money.
BlackRock and Fidelity have been consistently accumulating assets in this space, since their funds were launched in January. Their net inflows totaled about $15.4 billion and $7.9billion respectively.
GBTC has now seen outflows totaling nearly $17.5billion since converting into an ETF back in January. Overall, net inflows to the category of funds have been $11.2billion in just over four months.
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