- Bitcoin spot ETF sees no net flow.
- GBTC investments continue to decline.
After the approval and launch of the spot Bitcoin [BTC] ETF, Grayscale’s Bitcoin holdings have seen a decline. After the launch of the ETF, most platforms have witnessed zero flows for the first time.
Grayscale’s Bitcoin holdings halve
A survey of institutions that recently received spot approvals for Bitcoin ETFs found that Grayscale had the highest BTC market cap.
However, a deeper dive into the data revealed a decline in the volume of BTC held by Grayscale in recent months.
Coinglass data indicated that Grayscale owned more than 619,000 BTC as of January. Still, at the time of writing, their total holdings amounted to approximately 310,000 BTC.
Source: Coinglass
Grayscale’s pre-existing Bitcoin Trust, GBTC, has transitioned to an ETF instead of relaunching.
Despite the decline in Grayscale’s holdings, it continues to experience significant volume of ETF flows. Nevertheless, certain spot ETF platforms have recently recorded zero flows.
Spot Bitcoin ETFs are seeing consecutive outflows
An analysis of the Bitcoin spot ETF net flow Mint glass indicates the successive outflows of the past few days. On April 15 and 16, outflows were $26.7 million and $58 million, respectively.
This is not the first time that successive negative flows have occurred; the highest number was observed in March. In March, the data revealed a consecutive outflow for five days.
Notably, BlackRock’s IBIT and Grayscale’s GBTC are the only US spot BTC ETFs to have recorded flows since the start of the week.
Source: Coinglass
Zero flows dominate ETF flows
Further analysis of Bitcoin spot ETF flows showed that GBTC experienced an outflow of $157.50 million on April 15, followed by another outflow of $109 million on April 16, continuing the trend of consecutive outflows.
In contrast, IBIT saw a different flow pattern, with inflows of $76.23 million on April 15 and almost $26 million on April 16.
Notably, there have been no flows from other platforms. However, James Seyffart noted that this does not indicate a defect in the product.
Read Bitcoin’s [BTC] Price forecast 2024-25
In his post, he explained that the vast majority of all US ETFs experience zero inflows on most days, which is considered normal for any ETF in a given sector.
At the time of writing, Bitcoin was trading around $63,170, down more than 1%.
Source: TradingView