GBTC outflows overpower spot bitcoin ETF inflows

The primary reason was Grayscale's GBTC spot ETF, which saw a single-day net outflow of over $303 million. Every other bitcoin ETF saw net inflows — led by Bitwise Bitcoin BTC +1.42% ETF's more than $40 million net inflow and BlackTock's iShares Bitcoin Trust's more than $21 million net inflow — according to data from SoSoValue.

When taken in combination, the total net outflow among spot bitcoin ETFs amounted to nearly $224 million.

When looking at the past week, nearly $1 billion in bitcoin flowed into the U.S. bitcoin ETFs — with BlackRock's product devouring the lion's share.

Overall, cumulative spot bitcoin ETF volumes have decreased at a steady rate since peaking in early March.

The price of bitcoin is currently above $70,500, according to The Block's Bitcoin Price Page .