Outflows from U.S. spot bitcoin exchange-traded funds (ETFs) reached $200.31 million on Tuesday, following a $64 million outflow the day before. The biggest loser was Grayscale’s Bitcoin Trust (GBTC), which saw a reduction of $121 million.
Spot Bitcoin ETFs Experience Decline
In the past two days, spot bitcoin ETFs have seen a significant outflow trend, with $200.31 million leaving during Tuesday's trading sessions. While some ETFs like IBIT, BTCO, BRRR, EZBC, BTCW, and DEFI maintained a neutral position with no inflows or outflows, others like GBTC, FBTC, ARKB, and HODL experienced outflows.
Once again, GBTC led the pack with $121 million leaving the fund on Tuesday. The total trading volume for all ETFs was around $1.98 billion, with IBIT dominating the volume at $1.12 billion.
GBTC accounted for approximately $328 million in trading volume on Tuesday. Following GBTC, ARKB saw $56 million exiting, and BITB experienced a $12 million loss.
Further down the line, FBTC had outflows of $7 million, while HODL lost $4 million, as per sosovalue.xyz metrics. Currently, Blackrock's IBIT holds 305,067.82 BTC, while GBTC has 283,965.99 BTC.
After breaking a 19-day streak of stability, U.S. spot bitcoin ETFs are now facing two consecutive days of outflows. The significant reduction in holdings, especially from major players like Grayscale, raises concerns about the sustainability of this downtrend. It could potentially lead to a long-term recalibration in the market.
What are your thoughts on the recent performance of spot bitcoin ETFs? Feel free to share your opinions in the comments below.