- 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.
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.
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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 $57,203 as of press time, CoinMarketCap data shows.
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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
