Spot Bitcoin ETFs See $344 Million Withdrawals in April
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The U.S. spot bitcoin ETFs saw $343.5 million withdrawn from the funds in April. The outflow streak extended to five days on Tuesday. The ETFs had been on an impressive run of inflows in January, February, and March. However, overall flows slowed significantly, with the bitcoin dropping by 18%. April’s outflows continued to be led by Grayscale’s GBTC fund, with $2.5 billion exiting the ETF. Ark Invest’s ARKB witnessed $86.3 million net outflows, and Valkyrie’s BRRR also registered minor net outflows of $0.3 million in April. The remaining funds recorded net inflows last month, although Fidelity’s FBTC and Bitwise’s BITB registered their first daily outflow in April. Daily trading volume for the ETFs has also declined significantly after reaching a record $9.9 billion on March 5.
