After experiencing four consecutive days of net outflows, Bitcoin spot ETF saw net inflows again on Friday, with a daily net inflow of $14.81 million and a cumulative net inflow of $756 million. Meanwhile, the outflow amount of Grayscale’s GBTC funds decreased to $255 million, leading on-chain analyst Yujin believes that the peak of GBTC sell-off may have passed.
Influenced by the GBTC sell-off, data from SoSoValue shows that Bitcoin spot ETF had a total net outflow of $422 million from the 22nd to the 25th, but on Friday, it finally saw a total net inflow of $14.81 million.
Among them, Grayscale’s GBTC had a daily net outflow of $255 million, while other Bitcoin spot ETFs had a total net inflow of $269 million. The largest daily net inflow came from Fidelity’s FBTC, with a net inflow of approximately $100 million, accounting for 37.17% of the total net inflow. Next was BlackRock’s IBIT, with a net inflow of $87.13 million, accounting for 32.3% of the total net inflow.
It is worth noting that according to data from BitMEX Research, the net outflow of GBTC funds has been decreasing for four consecutive days since reaching a peak of $640 million on the 22nd, indicating that the GBTC sell-off may have slowed down. Within the first 12 trading days after GBTC was converted into a spot ETF, the cumulative net outflow has reached $5.04 billion.
Currently, the historical cumulative net inflow of Bitcoin spot ETF is $756 million, and Grayscale’s GBTC still holds $20.058 billion in net assets, with a total net asset value of $26.74 billion.
Chain analyst Yujin stated that based on the funds inflow/outflow on Friday, it is estimated that when the US stock market opens on Monday, a total of approximately 12,504 BTC (worth $525 million) will be transferred among the major Bitcoin spot ETF custodian addresses.
Among them, it is expected that approximately 6,077 BTC (equivalent to $255 million in outflows on 1/26) will be transferred from Grayscale’s custodian addresses, while the remaining nine ETF custodian addresses will receive approximately 6,427 BTC (equivalent to $270 million in inflows on 1/26), resulting in a net inflow of approximately 350 BTC (worth $14.8 million).
Yujin pointed out that after four consecutive days of net outflows, Bitcoin spot ETF funds saw net inflows again, and the outflow amount of Grayscale funds is gradually decreasing, indicating that the peak of sell-off may have passed. Currently, the total holdings of BTC spot ETFs amount to approximately 637,309 BTC.
Bloomberg analyst James Seyffart previously predicted that the eventual outflow rate of GBTC will range from 20% to 35%, but at least one-third of the outflow funds will reinvest in Bitcoin. With the inclusion of GBTC outflows, the net inflow of Bitcoin spot ETFs is expected to reach $10 billion this year.