Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
A closer look at the tough month for spot bitcoin ETFs

A closer look at the tough month for spot bitcoin ETFs

The BlockThe Block2024/04/29 19:04
By:Rebecca Stevens
A closer look at the tough month for spot bitcoin ETFs image 0

April has proved to be a tough month for the spot bitcoin ETFs. Or at least the toughest month they’ve faced so far; on the whole the new ETFs still remain largely successful .

For starters, we started to see outflows from the new funds. While previously, Grayscale, the trust-converted fund, was the driver of the capital flight from the ETFs, we started to see funds come out of the freshly launched ETFs, as well.

On April 2, we saw $87.5 million pulled from Ark Invest and 21Shares’ ARKB, which is the third largest of the new ETFs by AUM. The ETF saw outflows on April 16-17 and April 25, as well.

Bitwise’s BITB also had two days of outflows this month, but they only totaled to $13.3 million, so overall, very mild relative to the inflows it has had.

The most jarring, perhaps, was Fidelity’s FBTC seeing $22.6 million of  outflows on April 25. Again, while this is largely insignificant in the grand scheme of things for the ETF, it does seem to mark a changing tide of sentiment.

And BlackRock’s IBIT, the most successful of the new ETFs, has still not seen daily outflows yet but did clock in $0 worth of flows on April 24, bringing its 71-day inflow streak to an end. Its 70 days of consecutive inflows brought the ETF into the top 10 of funds with the longest streaks of money pouring in.

RELATED INDICES

See crypto indices

Is it all over for the ETFs now? No, of course not.

IBIT still  tops the charts across ETFs in terms of AUM after 72 days, at $17.6 billion, despite the cut off in inflows. FBTC is second on the list, and ARKB and BITB are both in the top 10. So even though all four of these funds have seen inflows slow down and, in some cases, have seen outflows, they have still largely managed to amass historically sizable levels of capital in their first few months on the market.

The two popular ETF analysts at Bloomberg, James Seyffart and Eric Balchunas, have both been vocal online about the fact that this trend is normal. Seyffart wrote a thread about the commonality  of ETFs tracking no flows, and when many expressed  panic when ARKB first showed outflows, they clarified that outflows are also typical in mature ETFs, but the crazy success of the ETFs in the early days made it look abnormal.

Part of what could be causing the slowdown in flows is the more tepid bitcoin market in general. Bitcoin’s 30-day annualized  volatility has fallen below 50% this month, which is still quite high but lower than the 81% reached in late March after bitcoin climbed to new highs. The flows and volumes of the new ETFs surged along with the price of bitcoin. There is less fervor in the bitcoin market itself, which has translated over into ETF activity.

This is an excerpt from  The Block's Data Insights newsletter . Dig into the numbers making up the industry’s most thought-provoking trends.


0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

DiDi has become a digital banking giant in Latin America

DiDi has successfully transformed into a digital banking giant in Latin America by addressing the lack of local financial infrastructure, building an independent payment and credit system, and achieving a leap from a ride-hailing platform to a financial powerhouse. Summary generated by Mars AI. This summary was produced by the Mars AI model, and its accuracy and completeness are still being iteratively improved.

MarsBit2025/12/10 21:24
DiDi has become a digital banking giant in Latin America

Fed rate cuts in conflict, but Bitcoin's "fragile zone" keeps BTC below $100,000

The Federal Reserve cut interest rates by 25 basis points, but the market interpreted the move as hawkish. Bitcoin is constrained by a structurally fragile range, making it difficult for the price to break through $100,000. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.

MarsBit2025/12/10 21:22
Fed rate cuts in conflict, but Bitcoin's "fragile zone" keeps BTC below $100,000

Full text of the Federal Reserve decision: 25 basis point rate cut, purchase of $4 billion in Treasury bills within 30 days

The Federal Reserve cut interest rates by 25 basis points with a 9-3 vote. Two members supported keeping rates unchanged, while one supported a 50 basis point cut. In addition, the Federal Reserve has restarted bond purchases and will buy $40 billion in Treasury bills within 30 days to maintain adequate reserve supply.

Jin102025/12/10 21:17
Full text of the Federal Reserve decision: 25 basis point rate cut, purchase of $4 billion in Treasury bills within 30 days

HyENA officially launched: Perp DEX supported by Ethena and based on USDe collateral goes live on Hyperliquid

The launch of HyENA further expands the USDe ecosystem and brings institutional-grade margin efficiency to the on-chain perpetuals market.

深潮2025/12/10 20:13
© 2025 Bitget