After four consecutive days of net outflows, Bitcoin spot ETF funds saw net inflows again on Friday, with a net inflow of $14.81 million for the day. The total net inflow reached $756 million. Meanwhile, the amount of funds flowing out of Grayscale’s GBTC decreased to $255 million. On-chain analyst Yujin believes that the peak of GBTC selling may have passed.
Affected by the GBTC sell-off, Bitcoin spot ETF experienced four consecutive days of net outflows from the 22nd to the 25th, with a total outflow of $422 million. However, on Friday, Bitcoin spot ETF finally saw a net inflow of $14.81 million.
Among them, GBTC saw a net outflow of $255 million, while the other Bitcoin spot ETFs saw a total net inflow of $269 million. The largest daily net inflow came from Fidelity’s FBTC, with a net inflow of about $100 million, accounting for 37.17% of the total net inflow. The second largest net inflow came from BlackRock’s IBIT, with a net inflow of $87.13 million, accounting for 32.3% of the total net inflow.
Notably, data from BitMEX Research shows that the net outflow of funds from GBTC has decreased for four consecutive days since reaching a peak of $640 million on the 22nd, indicating that the sell-off of GBTC may have slowed down. Within 12 trading days after GBTC converted to a spot ETF, the total net outflow reached $5.04 billion.
Currently, the historical cumulative net inflow of Bitcoin spot ETF is $756 million, and Grayscale’s GBTC still holds $20.058 billion in net assets. The total net asset value of Bitcoin spot ETF is $26.74 billion.
Chain analyst Yujin stated that based on the fund inflow/outflow on Friday, it is expected that there will be a transfer of approximately 12,504 BTC ($525 million) in total for the major Bitcoin spot ETFs when the US stock market opens on Monday.
Among them, it is estimated that Grayscale’s GBTC will see an outflow of approximately 6,077 BTC (based on the outflow of $255 million on the 26th), while the remaining nine ETFs will see an inflow of approximately 6,427 BTC (based on the inflow of $270 million on the 26th), resulting in an overall net inflow of approximately 350 BTC ($14.8 million).
Yujin pointed out that after four consecutive days of net outflows for Bitcoin spot ETF funds, they have once again seen net inflows, and the amount of funds flowing out of Grayscale is gradually decreasing, indicating that the peak of selling may have passed. Currently, the total BTC holdings of the top ten Bitcoin spot ETFs amount to approximately 637,309 BTC.
Bloomberg analyst James Seyffart previously predicted that the ultimate outflow rate of GBTC would be between 20% and 35%, but at least one-third of the outflow funds will be reinvested in Bitcoin. With the inclusion of GBTC outflows, the net inflow of Bitcoin spot ETFs this year is still expected to reach $10 billion.
Related Reports:
SEC Questions Ethereum’s “Too Centralized” Proof-of-Stake; Grayscale ETHE ETF Conversion Delayed Again
Will the Approval of Ethereum Spot ETF Lead to a Drop? Grayscale’s “3 Million ETH” May Trigger a Similar Sell-off Wave
Bitcoin’s Arch Nemesis Peter Schiff Predicts a Sharp Decline! Spot ETF Facing a Grim Bear Market