Bitcoin ETFs See $358 Million Outflows in First Redemption Day

U.S.-listed spot bitcoin exchange-traded funds (ETFs) experienced their first day of net outflows in 10 trading sessions on Thursday. According to a research report by JPMorgan, these ETFs saw $358 million of redemptions. This marked a significant shift from the previous trend of consistent inflows.

Among the various spot bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) was the sole exception, attracting a net inflow of $125 million. This inflow stood in stark contrast to the overall trend of outflows experienced by other ETFs. Fidelity’s FBTC led the redemptions with net outflows of $166 million. Other major contributors to the outflows included the Grayscale Bitcoin Trust (GBTC) with $107 million, ARK 21Shares Bitcoin ETF (ARKB) with $89 million, and the Bitwise Bitcoin ETF (BITB) with $71 million. Smaller outflows were also noted across the remaining issuers.

Despite the outflows, the bitcoin price slipped by only 1.1% on the day, indicating that market activity remained robust. The trading volumes were reported to be $5.39 billion, which was well above the 20-day average of $2.81 billion. This suggests that the market continued to show significant interest and activity despite the redemptions. At the time of publication, the world's largest cryptocurrency was trading around $105,656.