Net Outflows from Bitcoin ETFs Amount to $76M

According to Bloomberg ETF analyst James Seyffart, there were $76 million in net outflows from spot Bitcoin exchange-traded funds (ETFs) on their seventh day of trading.

In a post on Jan. 23, Seyffart noted that this was a bad day for Bitcoin ETFs and that Grayscale had the largest net outflows. He added that there were $640 million in outflows, which are increasing rather than slowing down.

This is the biggest outflow yet for the Grayscale Bitcoin Trust (GBTC), with a total of $3.45 billion in outflows so far.

Seyffart explained that despite the GBTC outflows, there has been a positive overall flow into spot Bitcoin ETFs. BlackRock saw its third-largest day of positive flows, with $272 million in inflows on this day.

Seyffart also revealed that over $1.1 billion had flown into spot Bitcoin ETFs on a net basis, even after considering the GBTC outflows.

He believes that while the GBTC outflows seem to be ongoing, they will likely slow down in the next two weeks.