Bitwise Bitcoin ETF Sees $68 Million Inflows
The Bitwise Bitcoin ETF ($BITB) has seen a significant influx of $68 million, bringing its total inflows to $370 million over four days. Bitwise CEO Hunter Horsley expressed gratitude to investors for trusting the company with their cryptocurrency assets.
Bitwise buys all the Bitcoins in the underlying spot ETFs using the BRRNY vwap. The BITB ETF acquired a net total of 1,598 Bitcoins in its latest trading session and currently holds 8,309 Bitcoins valued at approximately $358 million.
GBTC Experiences Outflows as Bitcoin ETFs Gain Inflows
The Grayscale Bitcoin Trust (GBTC) has seen significant outflows following the launch of spot Bitcoin ETFs. Analysts believe that these outflows have led to strong inflows in the ETFs.
Bloomberg strategist James Seyffart estimates that there has been an outflow of approximately $594 million from GBTC, resulting in a total of $1.173 billion in outflows.
While other BTC ETFs have experienced inflows, Seyffart questions whether these inflows are enough to counterbalance GBTC’s significant outflow.
Bitcoin Price Remains Steady Amidst Developments
Despite all the recent developments, the price of Bitcoin has remained stable around $46,500 with a market cap of $835 billion. Additionally, on January 16, the largest Bitcoin transaction of 2024 occurred, with nearly 43,000 Bitcoins moved in just one hour.
Hot Take: Crypto Market Expert Spotlights Bitcoin ETF Saga as Net Flows Surpass $780M
The spot Bitcoin ETF market has seen significant activity since its launch, with trading volumes exceeding $10 billion within the first three days. Bitwise’s Bitcoin ETF has attracted $370 million in inflows over four days, while GBTC has experienced outflows of approximately $594 million. The question remains whether the inflows into BTC ETFs can counterbalance the outflows from GBTC. Despite these market movements, the price of Bitcoin has remained steady, and a record-breaking transaction of nearly 43,000 Bitcoins occurred in just one hour. Overall, the Bitcoin ETF saga continues to unfold as net flows surpass $780 million.
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