The Grayscale Bitcoin ETF GBTC has been at the center of attention amid massive outflows taking place ever since the launch of spot Bitcoin ETFs back in January. As per data from Farside Investors, the GBTC outflows have crossed $15 billion with more than 50% of its Bitcoin holdings eroded.
Bitcoin ETF Holdings Cross $12 Billion, GBTC Outflows Ebb
In the latest report, data reveals that Bitcoin spot ETFs experienced total net inflows amounting to $39.47 million on April 2nd. Notably, Grayscale ETF GBTC recorded a single-day net outflow of $81.86 million, while BlackRock ETF IBIT saw a net inflow of $150 million.
New BTC ETF Products In the Market
On Tuesday, ProShares unveiled two new exchange-traded funds (ETFs) to cater to investors seeking amplified exposure to Bitcoin’s performance. The ProShares Ultra Bitcoin ETF (BITU) tracks double the daily returns of Bitcoin as per the Bloomberg Bitcoin Index, while the ProShares UltraShort Bitcoin ETF (SBIT) offers inverse exposure to Bitcoin’s performance. Last month in March, Grayscale also filed for a mini-trust of its GBTC product.
Both ETFs feature an expense ratio of 95 basis points, providing investors with alternative avenues to engage with the cryptocurrency market. Speaking on the development, Michael O’Riordan, founding partner of Blackwater, an ETF consulting firm, said:
“It demonstrates how ETF managers can be an opportunistic bunch by trying to leverage off the positive sentiment as much as possible”.
