- US BTC ETFs saw outflows of $156 million last week amid market decline.
- GBTC saw inflows for two days as markets improved.
The New USA Bitcoin [BTC] ETFs saw outflows of $156 million last week, but that appears to be changing as Grayscale’s GBTC bleed comes to an end.
According to the CoinShares reportLast week’s outflows were significant, as the price of BTC fell below the ETF issuers’ average purchase price.
The report stated that automatic sell orders could have accelerated BTC’s decline from last week.
“We estimate the average purchase price of these ETFs since launch at $62,200 per bitcoin; Since the price fell 10% below that level, this may have triggered automatic sell orders.”
BTC hit a low of $56.5K on May 1, leading to a market-wide bloodbath and liquidations. Every US spot BTC ETF saw massive outflows on May 1, marking the first outflow from BlackRock’s IBIT since January.
Across the board, total outflows as of May 1 were $563.7 million, with Fidelity and Grayscale leading the way with $191.1 million and $167.4 million, respectively.
However, outflows slowed later in the week, bringing last week’s total outflows to $156 million, according to the report.
Will GBTC’s U-turn Boost Bitcoin ETF’s Recovery?
Market sentiment improved as BTC recovered from $56.5K to $65K. However, Grayscale’s GBTC provided the biggest surprise during the recovery.
It saw its first inflow of $63.9 million last Friday and confirmed new inflows worth $3.9 million on Monday.
Grayscale’s U-turn also surprised Bloomberg analysts. One of the analysts, Eric Balchunas, noted,
“But it seems that there is an influx again today. They do have an extensive marketing budget. That, combined with the recent upturn and the fact that there are no more people wanting to leave, could be the reason.”
Source: SoSo value
The recovery further whetted investor appetite as net inflows reached $378.2 million last Friday. US BTC ETFs remained in the green on Monday, recording another net inflow of $217 million.
At the time of writing, BTC was back in the previous price consolidation range of $60,000 – $71,000, but fell below $64,000 after grabbing liquidity at $65.5K.
Should BTC’s recovery extend to the high end of the range, US BTC ETFs could reverse last week’s $156 million outflow.