Grayscale’s convertible GBTC has been at the forefront of exodus since the launch of 11 spot bitcoin ETFs in mid-January, resulting in it losing its status as the world’s largest exchange-traded fund tracking BTC’s performance.
However, that changed over the last two trading days of the week, with the negative rating coming to Fidelity’s FBTC.
Overall outflows this week were in the red for four of the five trading days, according to Far Side data. In total, 11 ETFs saw $64.9 million outflows on Monday, $200.4 million on Tuesday, $226.2 million on Thursday and $189.9 million on Friday. The only exception was June 12, when the inflow was $100.8 million.
Of particular note, Glassscale’s GBTC, which has recorded more than $18 billion in outflows since the conversion, did not top the list for two consecutive days on Thursday and Friday. GBTC recorded outflows of $61.5 million and $52.3 million on Thursday and Friday, respectively.
At the same time, outflows from Fidelity’s FBTC surged to $106.4 million on Thursday and $80.1 million on Friday, marking the first time another ETF has received such unfavorable ratings from Grayscale’s GBTC on two consecutive days.
As was somewhat expected, net outflows of over $550 million from all ETFs in less than a week have had a negative impact on Bitcoin price movement.
The asset was heavily impacted by mid-week US CPI data and the subsequent FOMC meeting but has since recovered strongly, even challenging the $70,000 mark.
But it failed there, falling to $66,000 on Friday night, its lowest price in a month. This only highlights the impact ETFs have on the price movements of their underlying assets.
By June 10, the ETF had seen a month of continuous inflows, causing its price to soar from around $60,000 to around $72,000.
