Bitcoin ETFs Bleed $161M as BTC Price Slides Below $60K

• U.S.-listed spot Bitcoin ETFs finished Tuesday with another outflow.
• The performance comes after the funds bled $51.6 million on Monday.
• At the same time, the latest outflows coincided with BTC’s plunge.

U.S-listed spot Bitcoin exchange-traded funds (ETFs) witnessed tens of millions in net outflows on Tuesday amid market turbulence that put BTC on track for its worst month since the collapse of Sam Bankman-Fried’s exchange FTX in November 2022.

The bear market-like performance comes after what observers termed a poor debut of Hong Kong-listed spot Bitcoin and Ether ETFs on April 30. Despite anticipating a combined first-day inflow of $300 million , the Hong Kong ETFs seemingly fell out of favor, recording $11.2 million in trading volume.

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U.S. Bitcoin ETFs Continue Outflows

According to preliminary data shared by Farside Investors, the Nasdaq-listed spot Bitcoin ETFs saw 161.6 million in net outflows on Tuesday, marking the fourth consecutive day of outflows for the funds in the past week.

Grayscale’s GBTC fund was the biggest culprit of the day, hemorrhaging $93.2 million as Fidelity’s FBTC, Bitwise’s BITB, and Invesco’s BTCO recorded net outflows of $35.3 million, $34.3 million, and $2.4 million, respectively.  

Notably, ARK 21Shares’ ARKB was the only fund that posted an inflow, attracting $3.6 million from investors on Tuesday. The rest of the funds, including Blackrock’s IBIT, Franklin Templeton’s EZBC, Valkyrie’s BRRR, VanEck’s HODL, WisdomTree’s BTCW, and Hashdex’s DEFI recorded $0 inflows on April 30.

As for Bitcoin, the crypto asset’s price fell to a $59,100 low in the afternoon hours of Tuesday, its weakest price since late February. BTC has lost over 9% in the last 24 hours and about 17% throughout April to trade at $57,5203 as of press time, CoinMarketCap data shows.

Read about the first record outflow by Fidelity’s FBTC fund:
Fidelity Bitcoin ETF Bleeds Millions for the First Time

Stay updated on Australia’s plans for a Bitcoin ETF:
Australia Mulls Bitcoin ETF to Bolster Crypto Hub Ambitions