Spot Bitcoin ETFs, or exchange-traded funds, recorded a net outflow of $55 million on Friday, April 12.
The data points to a reversal in the trend after ETFs saw inflows of nearly $215 million for two consecutive days.
Bitcoin ETFs are about to halve
According to data from SoSo Value, the largest outflow on Friday came from Grayscale's GBTC, which saw a withdrawal of $166 million.
GBTC continues to see large outflows ahead of the halving as the ETF also lost $154.9 million on Monday, April 8.
In contrast, Friday's largest inflow came from BlackRock IBIT, with the ETF attracting $111 million.
The impact of Friday's outflow was evident in the crypto market. Bitcoin lost almost 5% in the last 24 hours, falling to $65,000. The overall market followed suit and almost $900 million was liquidated.
Bitcoin ETFs experienced three days of net outflow last week, with a total of $298.4 million in funds leaving the market.
Spot Bitcoin ETF total net inflow | Source: SoSo Value
Despite GBTC's successive outflows, Grayscale's CEO, Michael Sonneshein, remains optimistic. Recently, Sonneshein highlighted that GBTC withdrawals have likely reached equilibrium. He believes the outflow will slow significantly as Grayscale lowers its Bitcoin ETF fees.
The ongoing outflows from the ETF market could also be caused by a pre-halving pullback. There is a general belief that the Bitcoin halving generally leads to a larger bull market for the largest cryptocurrency. A pullback occurs when investors take short-term profits and tend to invest again when there is a decline.
However, it is also likely that investors are cautious because the halving will not result in significant increases like previous years, as Marathon Digital recently predicted that BTC has already peaked following ETF approval earlier this year.
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