Bitcoin exchange-traded funds (ETFs) in the United States continue to experience significant outflows, with a massive outflow of $4.3 million on Thursday, marking four consecutive days of outflows. This trend persists despite the anticipation surrounding the upcoming BTC halving event scheduled for April 20. Since April 12, total spot Bitcoin ETFs in the US have seen an outflow of $319 million, with Grayscale’s GBTC accounting for the largest share of the outflows. On Thursday, GBTC alone experienced a significant outflow of $90 million, although this was partially offset by inflows into Fidelity and BlackRock’s ETFs. The costly fee structure of Grayscale’s GBTC has been cited as one of the reasons for the consistent outflows. Additionally, the inflows into other ETFs have been slow, with BlackRock’s ETF seeing an inflow of $18.8 million on Thursday, a 93% decrease from its monthly high on April 5. Liquidity drivers such as stablecoin growth and US-listed Bitcoin ETF inflows have slowed down in recent weeks, according to a report by Matrixport. Despite a 10-15% decline in BTC prices, demand for US-listed BTC ETFs remains saturated, and net inflows have not increased. The current price of Bitcoin is $64,700, experiencing a 13% decline due to various factors, including the ongoing tensions in the Middle East. Matrixport stated that this situation was a test for Bitcoin as a risk-off asset, but the price stagnated and sold off instead of rising.
