As the cryptocurrency market has spent the week in a negative outlook, spot Bitcoin ETFs, one of the biggest drivers of the market, have been bleeding. Spot ETFs, which were described as bullish indicators for BTC at launch and praised by many industry figures, have seen net outflows for four consecutive days this week.
The data of April 25 in spot Bitcoin ETFs did not satisfy. On April 25, which was dominated by the expectation of a recovery, net outflows from spot ETFs amounted to $ 217.58 million. This amount was recorded as the highest net outflow of the week. The name that marked the day was BlackRock (IBIT) again. IBIT has drawn zero for two days in a row.
April 25 data in Spot Bitcoin ETFs
Spot Bitcoin ETFs, which play an important role in the course of the cryptocurrency market and are closely followed by investors, are not doing well this week. Spot ETFs displayed a negative outlook throughout the week. In the past four trading days of the week, there were net outflows from spot ETFs. The week was marked by BlackRock (IBIT).
IBIT, which has so far tolerated the usual outflows of Grayscale (GBTC), has drawn zero for the last two days in a row. IBIT also recorded no data flow (no net inflows/outflows) on April 25.
According to data from SoSoValue, Grayscale's GBTC hosted a net outflow of $139.37 million on April 25. Since its first day of trading, GBTC has seen a net outflow of $17.10 billion. Described as the hunchback of spot ETFs, GBTC holds $19.30 billion worth of BTC.
BlackRock (IBIT), which has alleviated GBTC's selling pressure by realizing a total net inflow of $ 15.48 billion since the launch, fell weak this week. IBIT had no net inflows or outflows on April 25. IBIT holds a total of $17.74 billion worth of BTC.
April 25 was marked by the performance of other issuers. Fidelity's FBTC realized a net outflow of $22.61 million, while Ark Invest's ARKB witnessed a net outflow of $31.34 million. Valkyrie (BRRR), on the other hand, saw net outflows for the first time since launch.
The data revealed a pessimistic scenario for BTC. Many experts have suggested that confidence in the sector has been shaken and the fall could come at any moment.
