Largest Spot Bitcoin ETFs Plagued by First Outflows

FBTC and others have recently lost assets after weeks of inflows.

Senior ETF Analyst
Reviewed by: Staff
Edited by: James Rubin

After weeks of relentless inflows, we’re starting to see outflows from some spot bitcoin exchange-traded funds, aside from Grayscale Bitcoin Trust (GBTC)

That ETF has had outflows for three-and-a-half months straight, with investors pulling $17.1 billion from the fund. 

But now other spot bitcoin ETFs, like the Fidelity Wise Origin Bitcoin Fund (FBTC)—the third-largest U.S.-listed spot bitcoin ETF with $9.9 billion in assets under management—have started to suffer outflows as well. 

On Thursday, investors pulled $23 million from FBTC, its first ever outflow. 

They also pulled $31 million from the $2.8 billion ARK 21Shares Bitcoin ETF (ARKB), the fund’s fourth daily outflow ever (all four of which occurred this month).  

The $2.2 billion Bitwise Bitcoin ETF (BITB) also recently had its first two outflows this month, a $7 million outflow on April 17 and a $6 million outflow on April 25.  

One spot bitcoin ETF that has yet to suffer an outflow is the second largest, the $17.7 billion iShares Bitcoin Trust (IBIT)

Though its streak of 71 consecutive daily inflows ended on April 24, flows haven’t gone negative yet (they’ve been stuck at zero for two days). 

The only other U.S.-listed spot bitcoin fund that has yet to see outflows is the relatively small Franklin Bitcoin ETF (EZBC).  

The fund, which has $332 million in AUM, has seen plenty of days with zero flows, but no outflows—yet. 

Volatile Flows Expected 

To be sure, the modest outflows from spot bitcoin ETFs—excluding GTBC—aren’t that significant. 

All ETFs, even the ones held mostly by long-term investors, have had at least the occasional outflow.  

For funds holding an asset as volatile as bitcoin, you’d expect flows to be relatively volatile as well. 

In recent weeks, bitcoin’s price has stalled. Though still up an impressive 53% since the start of the year, bitcoin has been treading water over the past two months. 

Perhaps the slowdown in money going into spot bitcoin ETFs has something to do with that.  

Sumit Roy is the senior ETF analyst for, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for, with a particular focus on stock and bond exchange-traded funds.

He is the host of’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays,’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.