Bitcoin ETFs in the US see $15.7 million in outflows

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Quick Take

US Bitcoin ETFs saw an outflow of $15.7 million on May 7, marking the first day of outflows since May 2. According to data from Farside, Grayscale’s GBTC was responsible for the negative trend, as it recorded $28.6 million in outflows. This takes GBTC’s total outflows to over $17.48 billion since the launch of spot Bitcoin ETFs on Jan. 10.

BTC ETF Data: (Source: Farside) — Table showing the inflows and outflows for spot Bitcoin ETFs in the US from April 19 to May 7, 2024 (Source: Farside)

Aside from the outflows from Grayscale’s GBTC, inflows to other ETFs were relatively small. Invesco’s Galaxy Bitcoin ETF (BTCO) saw the highest inflow of the day of just $6 million, bringing its total net inflow to $284.6 million.

Fidelity’s FBTC and ARK’s ARKB saw inflows of $4.1 million and $2.8 million, respectively, bringing their total net inflows to $8.13 billion and $2.24 billion, respectively. However, despite relatively modest flows over the past few days, the overall inflow into US ETFs remains substantial, reaching $11.76 billion.

According to Hey Apollo, GBTC holds 292k BTC, IBIT holds 274k BTC, and the “Newborn 9” has a combined 536k BTC.