- Bitcoin ETFs show net inflows of 39M, showing a renewed investor confidence.
- Grayscale Bitcoin Trust (GBTC) records lowest single-day outflow in 14 days.
- BlackRock CEO Larry Fink has expressed surprise at Bitcoin ETF surge, highlighting crypto’s impact on traditional finance.
Bitcoin exchange-traded fund (ETF) net inflows experienced a notable surge on April 2, 2024. According to spot-on chain data finally sees a $39 million inflow after a constant outflow for 2 days as the investor sentiment takes a hit within the cryptocurrency market.
The latest data unveiled a significant uptick, with BTC ETF net inflow standing at a remarkable $39 million, showing a swift reversal from the previous day’s negative trend. On April 1, 2024, net inflows had plummeted to 88 million highlighting a downturn in investor confidence.
Of particular note, the Grayscale Bitcoin Trust (GBTC) witnessed a single-day outflow of $81.9 million. This is the lowest figure observed in the past 14 trading days. This outflow suggests a potential stabilization in market dynamics following recent fluctuations.
Interestingly, the ARK 21Shares Bitcoin ETF (ARKB) also faced consecutive days of net outflows for the first time since its listing, indicating a divergence in investor behaviour amidst evolving market conditions.
Despite these outflows, the BlackRock ETF IBIT and the Fidelity ETF FTBC had a strong day in the market with an inflow of $150 million and $44.77 million according to data from SoSoValue. The cumulative net inflow has reached $12.08 billion as of writing.
Last week, BlackRock CEO Larry Fink expressed his shock at the unexpected surge in Bitcoin spot ETFs, including those managed by his firm. With BlackRock overseeing a staggering $10 trillion.
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