Bitcoin ETFs post $76 million in net outflows on ‘bad’ 7th day of trading

According to Bloomberg ETF analyst James Seyffart, spot Bitcoin ETFs remain positive despite “unceasing” outflows from Grayscale. On the seventh day of trading, spot Bitcoin $39,970 exchange-traded funds (ETFs) saw a net outflow of $76 million, according to Bloomberg ETF analyst James Seyffart. As Seyffart [noted in a Jan. 23 post to X, it had been a “bad day” for Bitcoin ETFs in the “Cointucky Derby,” with Grayscale still accounting for the largest net outflow.

In an interview with Cointelegraph, Seyffart stated that overall, flows into spot Bitcoin ETFs remained positive, with BlackRock experiencing its third-largest day of positive flows so far, netting a total of $272 million in inflows on the day. “On a net basis, we have seen over $1.1 billion flow into spot Bitcoin,” he added. “$640 million flow out today. Outflows aren’t slowing, they’re picking up. This is the largest outflow yet for GBTC. Total outflows so far are $3.45 billion,” he added. Much of the outflows from Grayscale’s recently converted GBTC fund have been attributed to unusually large selling from the FTX estate.According to a Jan. 22 story citing persons acquainted with the subject, the FTX estate had sold about two-thirds of its 22.8 million GBTC shares by January 22. The selling of the shares is expected to account for around $600 million of the net $3.4 billion in GBTC-related outflows.Bitcoin’s price has dropped dramatically after the ten spot ETFs were approved on January 10, from a high of $49,100 to a low of $39,500 on January 23. Bitcoin is currently trading just above $40,000, according to TradingView statistics. Notably, Bitcoin’s downward price action comes amid a sudden and sharp decline in open interest on Bitcoin futures on the Chicago Mercantile Exchange (CME), suggesting a decline in enthusiasm among institutional investors to gain leveraged exposure to Bitcoin. According to data from CoinGlass, open interest on CME fell from a near-record high of $6.4 billion on Jan. 12 to $4.4 billion at the time of publication.

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