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Bitcoin ETF Net Inflows Slow to a Trickle as Price Flattens
The 10 spot funds attracted only 500 bitcoin on Wednesday, the least since Feb. 6.
Inflows into the 10 spot bitcoin exchange-traded funds (ETFs) dropped to a two-week low on Wednesday, with the group attracting only about a net 500 bitcoin (BTC), some $25.5 million, data collected from the issuers' websites shows.
That's the least since Feb. 6, when the funds saw roughly $100M in outflows, and a stark drop from the inflows seen since then. In the five days ended Feb. 16, for instance, net inflows averaged about 7,000 bitcoin a day, roughly $350 million worth.
STORY CONTINUES BELOW
Wednesday's transactions were dominated by heavy flows out of Grayscale’s Bitcoin Trust (GBTC), which had about 2,652 bitcoin removed from its fund. Meanwhile, BlackRock’s iShares Bitcoin Fund (IBIT) and Fidelity’s Wise Origin (FBTC), which continue to be the dominant issuers, added just shy of a combined 3,000 bitcoin.
Five of the funds, including Bitwise’s Bitcoin ETF (BITB) and VanEck’s Bitcoin Trust (HODL), saw no net movement.
Flows have been on a rollercoaster in recent weeks, ranging from outflows of as much as 6,900 bitcoin on Jan 24. to days like Feb. 13, when inflows hit 12,400 bitcoin.
Helene Braun
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
