U.S.-listed spot bitcoin BTC exchange-traded funds (ETFs) recorded their first day of net outflows in 10 trading sessions on Thursday, according to a research report by JPMorgan (JPM).
The Wall Street bank estimated that spot bitcoin ETFs saw $358 million of redemptions yesterday, according to a Friday report, with just one, BlackRock’s iShares Bitcoin Trust (IBIT) attracting a net inflow. IBIT gathered in a net $125 million, the bank observed.
In contrast, Fidelity’s FBTC saw net outflows of $166 million, leading the redemptions, the report said. Other major contributors included the Grayscale Bitcoin Trust (GBTC) -$107 million, ARK 21Shares Bitcoin ETF (ARKB) -$89 million and the Bitwise Bitcoin ETF (BITB) -$71 million, the bank said
JPMorgan said smaller outflows were also noted across the remaining issuers.
The bitcoin price slipped 1.1% on the day, but market activity remained robust with trading volumes of $5.39 billion, well above the 20-day average of $2.81 billion, the report added.
The world’s largest cryptocurrency was trading around $105,656 at publication time.
Read more: U.S. Spot Crypto ETFs Saw Strong Inflows on Wednesday, JPMorgan Says