As the spot bitcoin exchange-traded fund hype died down alongside the price of the cryptocurrency, the new U.S. ETFs saw $343.5 million worth of net outflows in April, ending their three-month inflow streak.
April’s outflows continued to be led by Grayscale’s higher-fee GBTC fund with $2.5 billion exiting the ETF over the month. Ark Invest’s ARKB witnessed $86.3 million in monthly 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, though Fidelity’s FBTC and Bitwise’s BITB also registered their first daily outflows in April.
Ark Invest’s ARKB was the only spot bitcoin ETF to record net inflows on Tuesday, adding $3.6 million. Meanwhile, outflows from Grayscale’s GBTC , Fidelity’s FBTC and Bitwise’s BITB contributed to net outflows of $161.6 million for the day, according to CoinGlass data. Daily trading volume for the ETFs has also declined significantly after reaching a record $9.9 billion on March 5 — as bitcoin first broke past its prior cycle peak of around $69,000 — recording $2.9 billion in trading volume on Tuesday, according to The Block’s data dashboard.
Source: Digital Coin News (digitalcoinnews.net)
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