Bitcoin exchange-traded funds (ETFs) witnessed a minor outflow of $4.3 million on April 18, marking the fifth consecutive trading day of outflows, according to data from Farside Investors, a London-based investment management firm.
However, the latest outflow was the smallest among the previous five days, potentially indicating a shift in investor sentiment.
Grayscale's GBTC, the largest Bitcoin ETF by assets under management, saw outflows of $90 million on April 18, bringing its total outflows to $16.68 billion. Nevertheless, the fund's average daily outflow of $245.4 million has slowed down since April 8, suggesting a deceleration in outflows.
This slowdown could be attributed to growing regulatory clarity and the prospect of more countries adopting Bitcoin as legal tender, following the lead of nations like El Salvador and the Central African Republic.
Conversely, several other Bitcoin ETFs experienced inflows on the same day. BlackRock's IBIT and Fidelity's FBTC saw inflows of $18.8 million and $37.4 million, respectively, indicating a broadening interest among investors.
Bitcoin ETF cumulative flow. Source:Farside Investors
Farside's data also reveals that Bitcoin Spot ETFs have attracted approximately $27 billion in cumulative inflows since January 2024, with Grayscale's GBTC playing a significant role. The chart illustrates steady growth until mid-March, followed by a more rapid increase in the latter half of the month. However, growth appears to have slowed in early April.
Despite regulatory uncertainties, Bitcoin ETFs have collectively garnered $12.27 billion in net inflows since their inception, highlighting institutional investors' growing interest in Bitcoin as an asset class.
Farside's analysis suggests that institutional investors view Bitcoin as increasingly viable, despite ongoing regulatory challenges in some jurisdictions.
Cheng Yuan
