While the ETH ETFs are making huge strides in terms of interest after the green light by the SEC, the Bitcoin ETFs are struggling to maintain their position. SpotOnChain (a popular on-chain analytics company) has disclosed that the top Bitcoin ETFs of Grayscale and BlackRock are seeing frequent outflows. The analytics provider took to its official account on X to reveal the latest statistics concerning both the exchange-traded funds.
GBTC Volume Drops amid the Frequent Bitcoin Outflows for Two Days
In its recent post, the platform pointed out that the net inflow of Bitcoin exchange-traded funds yesterday was $28 million only. As per the company, this development took place on the 29th of this month. In addition to this, SpotOnChain also highlighted the overall positive net inflows of the BTC ETFs. According to the analytics platform, the inflows have been showing an optimistic outlook during the recent twelve days.
Nonetheless, the analytics provider also discussed the negative statistics regarding the Bitcoin ETFs. It brought to the front that the volume of the exchange-traded funds by GBTC and BlackRock has been recently seeing a continuous decline. It disclosed that the last couple of days have witnessed a sheer drop in this respect. The analytics platform moved on to discuss the status of Grayscale Bitcoin ETF.
IBIT Outcompetes GBTC in Terms of Market Performance
It specified that the exchange-traded fund reportedly went through significant outflows. The respective outflows have been influencing the GBTC for up to a couple of days. In line with the statistics that the platform provided, another BTC ETF BlackRock also experienced dropped inflows. SpotOnChain asserted that IBIT’s single-day inflow plunged to nearly $24.6 million.
On the other hand, the BlackRock ETF’s single-day inflow stood at almost $102.5 million. The reports claim that GBTC saw outflows of nearly $105M worth on the 28th while IBIT saw $102.5M worth of inflows.
