Bitcoin Spot ETFs Lose $158M in 9 Days; GBTC Outflows Hit $429M

On the 9th day since the launch of the Bitcoin spot ETFs, BitMEX Research data revealed a net outflow of $158 million.

BlackRock had a modest increase of $66 million, while Fidelity outperformed with a gain of $126 million on Day 9. BlackRock leads the overall race with a total flow of +$1,916 million, followed by Fidelity at +$1,725 million, and Bitwise at +$537 million after 9 days.

In terms of Bitcoin holdings, BlackRock holds the top spot with +45,594 BTC, followed by Fidelity with +41,007 BTC. Grayscale‘s Bitcoin Trust ETF, despite SEC approval, has experienced continuous net outflows, reaching nearly $4 billion since its ETF conversion on January 11.

BlackRock and Fidelity’s Bitcoin ETFs witnessed consistent net inflows, growing to approximately $1.85 billion and $1.6 billion, respectively.

FTX contributed significantly to Grayscale’s outflows, divesting nearly $1 billion. Analysts attribute GBTC’s outflows to its 1.5% fee, higher than competitors with expense ratios ranging from 0.19% to 0.39%.

Investors exiting GBTC may be moving away from Bitcoin entirely, according to Nikolaos Panigirtzoglou, Managing Director at J.P. Morgan.

Image Credit: Shutterstock