Record-breaking net outflow observed in Bitcoin spot ETFs for a single day
On January 24th, Bitcoin spot ETFs experienced a significant net outflow of $159 million, marking the largest one-day net outflow since their launch, according to analytics platform Alpha.
Grayscale ETF has been leading in net outflows, with a total of $429 million since its inception. All ETFs, except Grayscale, saw net inflows of $270 million.
Meanwhile, for the second consecutive day, funds flowing out of Grayscale Bitcoin Trust (GBTC) have been declining. This decrease represents the lowest figure since the introduction of spot Bitcoin ETFs in the United States.
According to Bloomberg analyst Eric Balchunas, GBTC outflows are displaying a downward trend, although he acknowledges that liquidations are still significant.
On January 23rd, outflows from GBTC amounted to $515 million, and on the 22nd, it reached $640 million, as reported by CC15Capital. Overall, within nine trading days, the Bitcoin Trust lost 106,092 BTC, equivalent to approximately $4.4 billion.
However, Grayscale CEO Michael Sonnenshein believes that most of the 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) are likely to fail. He predicts that only “two or three exchange-traded funds will probably achieve some critical mass.”
