GBTC outflows overpower other spot bitcoin ETF inflows for third consecutive day
Quick Take
- GBTC outflows once again overpowered inflows into other spot bitcoin ETFs.
- Volumes and flows have relaxed since their early March peaks.
Spot bitcoin exchange-traded funds in the United States have experienced net outflows for the third consecutive day. Just over $58 million left the products yesterday, lowering the cumulative total net inflow to approximately $12.43 billion.
Grayscales converted bitcoin trust, GBTC, was largely responsible for the net outflows — per usual. Nearly $79.4 million left the ETF yesterday, according to data from SoSoValue. The Ark 21Shares Bitcoin 
BTC
+1.81%
ETF also saw net outflows, with some $12.88 million leaving the fund.
Most of the other spot bitcoin ETFs saw modest inflows ranging between $1.37 and $3.56 million, while the iShares Bitcoin Trust dominated inflows with $25.78 million being brought in.
Overall, spot bitcoin ETF volumes have steadied throughout April after a steady decline from their early March peak. Cumulative volumes topped $215 billion on Monday, according to The Block's data.
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Additionally, flows in either direction have contracted. Spot bitcoin ETF inflows and outflows have steadily gotten tighter since March.
The price of bitcoin is trading above $64,300 and is up more than 2.6%, according to The Block's Bitcoin Price Page. The foremost cryptocurrency's block-reward halving is predicted to happen on Friday.
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