Daily Outflow from Spot Bitcoin ETFs Hits $564M

On May 1, the outflow from Bitcoin ETFs on the market reached its highest level since the products were approved, amounting to $563.8 million.

This marked the first time that the BlackRock-owned ETF, IBIT, experienced negative dynamics, with an outflow of -$36.93 million.

Fidelity’s FBTC saw the largest outflow of $191.1 million, followed by Grayscale’s GBTC with $167.3 million withdrawn by clients.

Furthermore, Ark Invest’s ARKB also saw a high outflow of $98.1 million, the third largest in history. As a result, the total inflow into these products since their registration has decreased to $11.2 billion, with a decrease of $343.5 million at the end of April.

Bloomberg reported that this has resulted in the formation of price discounts for IBIT and FBTC compared to their NAV, with IBIT seeing a discount of 1.7% and FBTC of 1.1%.