According to SosoValue data, daily net outflows from Grayscale Investments' GBTC Bitcoin ETF hit an all-time low of $17.5 million on Wednesday.
Over the past three months, total cumulative outflows from GBTC have exceeded $15 billion, with combined net outflows of more than $450 million on Monday and Tuesday.
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Nick Ruck, chief operating officer at ContentFi Labs, believes this decline in GBTC outflows is a bullish sign for the crypto market, as it indicates less selling pressure on Bitcoin.
Yesterday, Fidelity’s spot Bitcoin ETF posted $76.3 million in net inflows, while Bitwise’s Bitcoin ETF added $24.3 million.
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ARKB, from ARK Invest, recorded net inflows of $7.3 million, bringing the daily total of net inflows for US spot Bitcoin ETFs to $90 million.