After ending March with a decline and a slow recovery, net inflows into Bitcoin exchange-traded funds (ETFs) started the week in the red. Yesterday’s investment value was negative, with outflows of $85.7 million (BitMEX Research data) show.
More than $100 million flowed into popular new funds for the third day in a row last Thursday, bringing the week’s total to $845 million.
However, the week before that, Bitcoin Tracking funds experienced spillclaimed that the cause was “investor hesitation” due to the decline in virtual currency prices.
But cash continued to flow into all funds yesterday, except for Graykale’s GBTC, which experienced an outflow of $302.6 million. The fund was one of 11 Bitcoin ETFs given the green light by the U.S. Securities and Exchange Commission to begin trading in January.
Out of all the products, GBTC is the only one from which investors consistently withdraw their funds.
This is largely due to bankrupt crypto companies redeeming their shares and investors moving to funds with lower fees, with Grayscale’s entry having the highest fees of all funds.
Although the outflow is slowing, yesterday showed that the carnage is far from over.
the result, bitcoin price CoinGecko data shows that the asset is currently trading at $65,348 per coin, down nearly 6% in 24 hours. In mid-March, assets hit a record high of nearly $74,000.
Edited by Ryan Ozawa.
