Key Points
- Fidelity’s FBTC led the outflows in US BTC ETFs on 1st May, surpassing Grayscale’s GBTC.
- BlackRock’s IBIT recorded its first outflow while Bitcoin struggled to reclaim $60K mark.
Fidelity’s FBTC outpaced Grayscale’s GBTC in Bitcoin ETF outflows on May 1st.
This comes as Bitcoin struggles to regain its $60K valuation.
US BTC ETFs Record Outflows
Data from Soso Value shows that US BTC ETFs recorded outflows worth $563.7 million on the 1st of May.
This is surprising as Grayscale’s GBTC, which previously dominated outflows, did not lead on this occasion.
Instead, Fidelity’s FBTC took the lead.
Fidelity’s FBTC Leads Outflows
Out of the total outflows of $563.7 million, Fidelity’s FBTC contributed $191.1 million, according to Farside data.
Grayscale’s GBTC recorded the second-largest daily outflow on May 1, worth $167.4 million.
Bloomberg ETF analysts described Fidelity’s massive daily outflows as “huge”, amounting to almost 2% of its ETF assets.
In addition to this, BlackRock’s IBIT, which had zero inflows for five days, recorded its first outflow worth $36.9 million.
Bloomberg analyst James Seyffart commented on this, stating, “Ruff day to be a #bitcoin ETF.”
The Federal Reserve’s decision to keep the interest rate unchanged did not help Bitcoin’s position, which remained below $60K.
Financial commentator Peter Schiff predicts that Bitcoin could drop to $54K after losing the $60K support.
