Bitcoin ETFs have worst day ever and massive GBTC outflows

Bitcoin (BTC) spot exchange-traded funds (ETFs) had a red day. A net outflow in itself is very rare, but it was also the largest capital outflow since its launch on January 11th. Additionally, Grayscale’s ETF (GBTC) has never lost as much capital as it is now. Fidelity also had its worst day so far.

Bitcoin ETFs are falling

Data from Farside Investors shows that the ten Bitcoin exchange funds collectively lost $154.3 million yesterday. It represents the worst combined performance since its launch on US exchanges.

Furthermore, daily net outflows have only been observed seven times so far, six of them in the first two weeks. The last negative day was March 1, when outflows totaled $139.6 million.

Remarkably, it wasn’t even a bad trading day for BlackRock. The “IBIT” fund welcomed $451.5 million yesterday. For comparison, BlackRock’s average daily inflows since March 1 have been about $380 million.

However, BlackRock’s outperformance was dwarfed by massive outflows from Grayscale’s GBTC. The fund has been plagued with daily outflows since the first day of trading, but yesterday it came out on top in this regard. A total of $642.5 million flowed out of the fund, the largest net outflow since January 11.

Fidelity also posted a negative record with a net inflow of $5.9 million.

Last week, Bitcoin ETFs had their best week ever with total inflows of more than $2.5 billion. A record-breaking inflow of more than $1 billion was achieved on Wednesday.

BTC price gets ticking

The price has been in a downward trend since last Thursday when Bitcoin hit its all-time high of nearly $74,000. On Wednesday, Bitcoin hit a low of around $65,000, but poor ETF numbers have now pushed the price further down to around $63,000.

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Nevertheless, it should not be forgotten what an impressive increase the BTC price has experienced in the last few weeks. In less than three weeks the price has skyrocketed by around 45 percent, so a correction is more than in order.

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