Investors pull $55M from Bitcoin ETFs as market sees $65K BTC drop

Abdulafeez Olaitan
2 Min Read

On Friday, April 12, spot Bitcoin ETFs experienced a notable net outflow of $55 million, marking a reversal after enjoying two consecutive days of inflows totalling nearly $215 million.

The data, sourced from SoSo Value, indicates that the largest outflow on Friday stemmed from Grayscale’s GBTC, which saw a withdrawal of $166 million.

This trend of outflows from GBTC persisted ahead of the halving, with an additional $154.9 million withdrawn on Monday, April 8.

In contrast, the largest inflow on Friday came from BlackRock IBIT, attracting $111 million.

The impact of Friday’s outflow was reflected in the broader crypto market, with Bitcoin experiencing a nearly 5% decline over the past 24 hours, plummeting to $65,000. 

This downturn led to approximately $900 million in liquidations across the market.

Bitcoin ETFs observed three days of net outflow the previous week, totalling $298.4 million in funds exiting the market.

Despite the consistent outflows from GBTC, Grayscale’s CEO, Michael Sonneshein, remains positive, suggesting that withdrawals from GBTC may have stabilized. 

He anticipates a significant slowdown in outflows as Grayscale reduces its Bitcoin ETF fees.

The ongoing outflows from the ETF market could be attributed to a pre-halving pullback, with investors cautious about potential lacklustre rallies post-halving. 

Marathon Digital’s recent prediction that BTC has already peaked following the approval of ETFs earlier in the year may also be influencing investor sentiment.

Share This Article
Abdulafeez Olaitan is a communication specialist with quality experience in digital media as a writer, journalist and editor. He has been nominated for the Rhysling Award, Pushcart Prize and Best of the Net Award. Contact: Abdulafeez.Olaitan [at] news.ng