On Wednesday, January 10, the US Securities and Exchange Commission (SEC) finally approved the launch of spot Bitcoin ETFs, representing a remarkable event in US trading history.ย
So far, market data on these investment funds have confirmed theories of increased institutional demand for Bitcoin, with over $800 million in total net inflows and $3.6 billion in trading volume recorded across the first two days of trading.ย
Although these inflows are yet to be reflected inย BTCโs price, as the premier cryptocurrency dipped by 2% in the last week, the spot Bitcoin ETFs have certainly kicked off with a blast which is indicative of potential gains for the worldโs largest asset and the general crypto market.ย
Spot Bitcoin ETFs Attract Over $1.4 Billion In Two Days โ Bloomberg Data
In an X post on January 13, Bloomberg ETF analyst Eric Balchunas shared some insight on the impressive performance of the spot Bitcoin ETFs in their debut trading week.ย
Balchunas noted that of the 11 approved spot BTC ETFs, nine have recorded a total inflow of over $1.4 billion. Leading the lot is BlackRockโs IBIT, with an estimated asset inflow of $497.7 million, closely followed by Fidelityโs FBTC, which boasts about $422.3 million in investment.ย
The BTC spot ETFs of Bitwise and ARK/21 Shares have also produced a significantly positive performance attracting $237.9 million and 105.2 million, respectively.ย On the other hand, Grayscaleโs GBTC has been the market outcast, recording a stunning $579 million in outflows over the first two days of trading.ย
Source: Bloomberg
Following the SECโs approval on Wednesday, investors cashed in heavily on GBTC, which was recently converted from a closed-end fund to a spot ETF.ย SkyBridge Capital founder Anthony Scaramucci has already commented on this trend describing it as one of the potential reasons behind Bitcoinโs dip in the last week.ย
In total, the spot Bitcoin ETF market recorded an impressive net inflow of $818.9 million in its debut trading week. These figures are likely to improve in the next few weeks as selling volume eventually declines. Meanwhile, investors still anticipate the debut of Hashdexโs spot ETF โ DEFI โ which is undergoing fund conversion from the companyโs Bitcoin futures ETF.
BTC Price Overview
At the time of writing, Bitcoin exchanges hands at $42,980 reflecting a 0.73% loss in the last day. Meanwhile, the tokenโs daily trading volume has plummeted by 62.33% and is now valued at $16.9 billion. However, with a market cap of $842.23 billion, Bitcoin remains the largest cryptocurrency in the world.
BTC trading at $42,916.07 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview
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