According to Blockworks, spot bitcoin ETFs witnessed the highest level of net outflows in a single day on Wednesday, with flows into BlackRock's product slowing down. The 10 US funds holding BTC directly experienced outflows of $158 million on their ninth day of trading, as per Bloomberg Intelligence data. Grayscale Investments' Bitcoin Trust ETF (GBTC) continued to impact the group negatively, with $429 million leaving the fund.
BlackRock's iShares Bitcoin Trust (IBIT) saw inflows of $66 million, a significant decrease from previous days. IBIT had attracted $272 million and $160 million on Monday and Tuesday, respectively. Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) led the bitcoin ETFs on Wednesday with inflows of approximately $126 million. The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs.
Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, according to Bloomberg Intelligence data. Excluding the outflows of higher-priced GBTC, inflows for the ETFs amount to $5.2 billion. David Lawant, head of research at crypto prime brokerage FalconX, stated that the driving forces of spot bitcoin ETF flows, GBTC's heavy outflows, and the sizable net gains from IBIT and FBTC, will both taper off.
Bitwise Chief Investment Officer Matt Hougan believes that spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market. 21Shares President Ophelia Snyder told Blockworks that some investors will be slow to adopt spot bitcoin ETFs, while others might start with small allocations before increasing those positions later on.
