In the span of just six days, the nine freshly launched spot bitcoin exchange-traded funds (ETFs) have gathered 20,859.57 bitcoins, valued at over $1.3 billion. Holding 474,363.55 bitcoins worth $30.6 billion, these new ETFs are short of 25,636.45 coins to hit the 500,000 milestone. Excluding GBTC, Fidelity’s FBTC and Blackrock’s IBIT Dominate Bitcoin ETFs In […] Original
Spot Bitcoin exchange-traded funds (ETFs) reported total net outflows of $51.6 million on Friday, marking the fifth day of consistent withdrawals. Among these, the Grayscale ETF (GBTC) experienced a substantial single-day net outflow of $169 million. In contrast, the BlackRock ETF (IBIT) and Fidelity ETF (FBTC) saw modest single-day net inflows of $18.89 million and $18.13 million, respectively, both reaching two-day record lows. Despite this downward trend, there’s a silver lining as the rate of outflows appears to be decelerating. The most significant drop happened on Tuesday, with over $323…
Bitcoin declined over 5% on March 22 as spot ETFs recorded negative numbers for the fourth consecutive day, mainly due to Grayscale GBTC exits. According to SoSo Value, 10 spot Bitcoin (BTC) ETFs marked $93.8 million in cumulative single-day outflow during trading on March 21. Grayscale’s GBTC accounted for most of the BTC ETF share liquidation, amounting to $358 million. Bloomberg’s James Seyffart verified that Grayscale’s BTC ETF has lost nearly half of its shares to sell orders following the approval of spot BTC ETFs on Jan. 11. Seyffart concurred with…
Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here? Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows The outflows began on Monday and…
Recent observations by Eric Balchunas, a senior ETF analyst at Bloomberg, suggest that the movements in Bitcoin’s price are influenced by factors beyond just the flows of spot Bitcoin Exchange Traded Funds (ETFs). According to Balchunas, who shared his insights on X, “bigger forces at work” shape the largest cryptocurrency’s valuation. This indicates that the correlation between spot ETF flows and Bitcoin’s price action is less direct than some assume. The ETF Influence And Market Movements This analysis emerges amid a period of significant financial activity for Grayscale, which has…
The 10 spot Bitcoin ETFs experienced their biggest three-day outflow since their debut in January, as reported by Bloomberg. This shift in investor sentiment comes after heightened interest that propelled the largest cryptocurrency in the market to a record high of $73,700. Bitcoin ETFs See Record Outflows Between Monday and Wednesday, a net total of $742 million exited the Bitcoin ETFs, reflecting outflows from the Grayscale Bitcoin Trust (GBTC) and a moderation in subscriptions for similar offerings from prominent firms like BlackRock (IBIT) and Fidelity Investments (FBTC). According to Bloomberg…
Spot Bitcoin ETFs experienced their largest three-day withdrawal since their launch in January. The trend marked a significant shift from the high demand propelling Bitcoin to its all-time high. Between Monday and Wednesday, these ETFs saw a withdrawal of $742 million, indicating substantial outflows from the Grayscale Bitcoin Trust alongside a decrease in new investments in competing funds by significant firms such as BlackRock and Fidelity Investments. Despite this, according to Bloomberg data, the ETFs have attracted $11.4 billion in net investments since inception, making them among the most successful…
Although the crypto ecosystem is rich with applications ranging from use cases in payments, settlement, market-making, lending/borrowing, gaming, metaverse, logistics, art, copyright enforcement, and so on, it seems that most of these use cases are still either early-stage or focussed on a niche target group. For crypto to become mainstream, more real-world uses need to emerge and impact not just a tech savvy problem or user group, but offer tangible innovations to our everyday lives. Original
Market sentiments have quickly turned bearish, as the spot Bitcoin ETFs record their highest daily net outflows amid Bitcoin’s (BTC) drop to the lower spectrum of the $60,000 territory. According to data provided by Farside Investors, a U.K.-based investment management firm, the spot Bitcoin ETF products experienced net outflows totaling $326.2 million on March 19, marking the second consecutive day of daily outflows. This figure comes a week after the ETFs hit record inflows exceeding $1 billion on March 12. Recall that these investment products ended a 10-day run of…
Goldman Sachs is seeing more institutions diving into crypto, the global investment bank’s head of digital assets has revealed, noting that until now the bitcoin price action has been driven primarily by retail investors. “But it’s the institutions that we’ve started to see come in,” he stressed, adding that the appetite has “transformed.” Bitcoin ETFs […] Original