U.S. spot Bitcoin ETFs witnessed a major exodus of funds, with $287.8 million withdrawn throughout the listed ETFs yesterday, marking the most important single-day outflow since Could 1, Farside Traders knowledge reveals. In accordance with Arkham knowledge, the one ETF that didn’t expertise withdrawals was BlackRock, which reported zero outflows.

Constancy’s ETF led the withdrawals, promoting $162 million price of Bitcoin. Grayscale adopted with $50 million in outflows, whereas Ark and Bitwise reported $34 million and $25 million, respectively. Regardless of these substantial outflows, these ETFs nonetheless collectively handle round $50 billion in belongings.

Bitcoin noticed a outstanding rise in value earlier this 12 months as a result of hype and curiosity surrounding these ETFs, beginning 2024 at round $44,000 and reaching an all-time excessive of $73,770 on March 14. Nevertheless, the value has since stagnated, hovering under its peak within the $55,000 to $65,000 vary. It has been 174 days since Bitcoin hit its all-time excessive, based on Clark Moody Dashboard.

Regardless of the current outflows, spot Bitcoin ETFs have typically maintained robust inflows, with just one month of outflows previously eight months. This means ongoing investor curiosity in Bitcoin, at the same time as its value stabilizes under its all-time excessive.