Wall Street’s spot bitcoin exchange-traded funds (ETFs) have set a new record with five consecutive days of net outflows, totaling $888 million over the past week. This trend marks the longest streak of outflows so far this year, surpassing a previous four-day streak in January.
The outflows were led by a day of record-breaking outflows from Grayscale’s GBTC on Monday, March 18. In contrast, inflows into these ETFs were weak, with Blackrock’s IBIT seeing record-low inflows of $49.3 million on Wednesday, March 20, and Fidelity’s FBTC receiving only $2.9 million on Thursday, March 21.
The decline in bitcoin’s price may have contributed to the outflows, but other factors may also be at play. Bloomberg ETF analyst Eric Balchunas suggested that Genesis, a digital financial firm, may have contributed to Grayscale’s large outflows through its trading activities.
Despite the outflows, trading volumes for these ETFs remained significant, albeit slightly lower than in recent weeks. According to The Block’s data dashboard, cumulative volumes for spot bitcoin ETFs increased by about $22 billion over the past week, reaching a total of $164 billion.
The market for bitcoin ETFs continues to be volatile, reflecting the broader fluctuations in the cryptocurrency market. Investors and traders are closely watching these developments to gauge the future direction of bitcoin and the broader digital asset market.
