Bitcoin ETFs see $55m net outflow, as BTC drops to $65k

Spot Bitcoin ETFs, or exchange-traded funds, experienced a net outflow of $55 million, indicating a reversal from two consecutive days of inflow totaling nearly $215 million. Notably, Grayscale's GBTC saw the largest outflow, with $166 million withdrawn. This trend continued leading up to the halving, with the ETF shedding $154.9 million on Monday, April 8. Conversely, BlackRock IBIT witnessed the largest inflow on Friday, attracting $111 million.
The impact of Friday's outflow was felt across the crypto market, with Bitcoin decreasing by nearly 5% in the past 24 hours, dropping to $65,000. Additionally, approximately $900 million was liquidated across the overall market. Last week, Bitcoin ETFs experienced three days of net outflow, totaling $298.4 million.
Despite the continuous outflows from GBTC, Grayscale's CEO, Michael Sonneshein, remains optimistic. He suggested that withdrawals from GBTC may have reached equilibrium and expects the outflow to slow significantly as Grayscale reduces its Bitcoin ETF fees.
The ongoing outflows from the ETF market may also be influenced by a pre-halving pullback. Investors often anticipate a larger bull market for Bitcoin after halving, leading to short-term profit-taking and subsequent reinvestment during dips. However, some investors may be cautious about the halving's potential impact, particularly as Marathon Digital has predicted that BTC may have already reached its peak following the approval of ETFs earlier this year.
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