GBTC - Spot Bitcoin ETFs See $15M Outflows As Digital Asset Funds Continue To Bleed | Benzinga
Bitcoin spot exchange-traded funds (ETFs) experienced a total net outflow of $15.6439 million on May 7.
What Happened: The Grayscale Bitcoin Trust (OTC:GBTC) registered a substantial outflow of $28.613 million in a single day, according to data from SoSoValue
Despite these outflows, the total net asset value (NAV) of the Bitcoin (CRYPTO: BTC) spot ETFs remains substantial, recorded at $52.210 billion.
This suggests that while the day-to-day flows can exhibit significant volatility, the overall market for Bitcoin ETFs continues to hold a robust valuation.
The wider market for digital asset investment products is also facing challenges, with net outflows totaling $251 million for the fourth consecutive week, according to Coinshares.