Spot Bitcoin ETFs Net Outflows Hit $344M

As the buzz surrounding the spot Bitcoin exchange-traded funds died down and the cryptocurrency’s price also decreased, the new US ETFs experienced a net outflow of $343.5 million in April, breaking their streak of three months with inflows.

This decline in overall flows can be attributed to the drop in price of Bitcoin, which fell 18% from its all-time high in March.

The majority of the outflows were from Grayscale’s GBTC fund, followed by Ark Invest’s ARKB and Valkyrie’s BRRR.

The remaining funds saw inflows, with BlackRock’s IBIT bringing in the most at $1.5 billion. However, even this popular fund saw its inflow streak come to an end in April.

On Tuesday, ARKB was the only ETF to see inflows, while GBTC, FBTC, and BITB all experienced outflows.