Bitcoin ETF Flows Fall into the Red for First Time Since Launch

Recently launched bitcoin ETF (exchange-traded fund) products in the US are seeing combined negative flows for the first time since they began trading on January 11, as entries from BlackRock and Fidelity are dwarfed by GBTC outputs from Grayscale.

Data collected Bloomberg Intelligence analyst James Seyffart shows that the 10 spot bitcoin ETFs, as well as GBTC, experienced a net outflow of $158 million on January 24.

The total number of bitcoin held by the entire place. ETFs as of January 24 is approximately 649,000, according to figures compiled by CoinDesk. This comes a week after the total rose to over 660,000 btc, which is a decrease of approximately 11,000 tokens.

<img decoding="async" alt="Deadline to rule on Ark's request for a bitcoin ETF nears” src=”https://image.cnbcfm.com/api/v1/image/107244322-16845929992023-05-19t230325z_327283241_rc2l11a1v45s_rtrmadp_0_usa-bitcoin.jpeg?v=1703260766&w=929&h=523&vtcrop=y”/><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/107244322-16845929992023-05-19t230325z_327283241_rc2l11a1v45s_rtrmadp_0_usa-bitcoin.jpeg?v=1703260766&w=929&h=523&vtcrop=y” alt=”Deadline to rule on Ark's request for a bitcoin ETF nears”/>

bitcoin ETF inflows led by COME ON, FBTC

Among the 10 funds, BlackRock's IBIT and Fidelity's FBTC currently lead the way, each holding over 40,000 bitcoin as of January 24. As a result, both funds have more than $1.6 billion in assets under management.

GBTC was the only fund to experience actual negative outflows over the past week. During this period, his total bitcoin holdings fell from 592,098 to 523,516. The drop was enough to push the net flows of all 10 spot ETFs into negative territory. This was also facilitated by the decline in IBIT and FBTC inflows in recent days.

BlackRock's IBIT recorded 1,663 btc in inflows on January 24, which was its weakest daily addition since it began trading. It was also a drop from 8,705 btc entries that the fund achieved on January 17.

Net flows remain in the green despite the decline in activity

The good news: GBTC outflows are trending downward. The bad news: so are the Nine. That leaves us with TOTAL ROLLING NET FLOWS of +$824m. Also $ARKB and $BITB crossing 500 million is something extraordinary. For any normal release in the first month, it is considered a blockbuster success. https://t.co/jPtlxhMtwP

– Eric Balchunas (@EricBalchunas) January 25, 2024

Despite the decline over the past week, net inflows to the 10 spot bitcoin ETFs that went live on January 11 remain substantial. Eric Balchunas, Seyffart's colleague at Bloomberg. revealed that total dollar inflows amount to $824 million since its launch, or approximately 20,000 bitcoin.

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