Winners and Losers of Bitcoin Spot ETFs
Since the launch of Bitcoin spot ETFs, an analyst has examined the winners and losers in this space. These ETFs allow investors to gain exposure to Bitcoin’s price without directly owning the cryptocurrency. They trade on traditional exchanges, making them more accessible to traditional investors who may find navigating crypto exchanges and wallets challenging.
Blackrock’s iShares Bitcoin ETF Takes the Lead
Among the 11 Bitcoin spot ETFs approved by the SEC, Blackrock’s iShares Bitcoin Trust ($IBIT) has emerged as the biggest winner. It attracted over $1 billion in inflows during its first four days of trading. Fidelity’s $FBTC followed closely with around $884 million in positive flows. On the other hand, Grayscale’s $GBTC saw negative flows of more than $1.6 billion.
Analyzing the Flow Trends
An examination of the daily flows reveals that Blackrock’s $IBIT consistently performed well throughout the first four days, only falling behind Fidelity’s $FBTC and Bitwise’s $BITB on the first day. Conversely, Grayscale’s $GBTC experienced outflows each day, which suggests a need for decreased selling pressure in the coming days.
Total Flows and Demand for Bitcoin Spot ETFs
The cumulative flow of all Bitcoin spot ETFs reached nearly $1.3 billion by the end of the fourth trading day. However, Grayscale’s $GBTC overshadowed demand for these new ETFs. A graph excluding $GBTC shows significant demand for Bitcoin spot ETFs.
BTC Price Update
As of now, Bitcoin is trading at around $41,300, experiencing a 2% decline in the past 24 hours.
Hot Take: Bitcoin Spot ETFs Experience Varied Success
The launch of Bitcoin spot ETFs has resulted in mixed outcomes. While Blackrock’s iShares Bitcoin Trust ($IBIT) and Fidelity’s $FBTC have attracted significant inflows, Grayscale’s $GBTC has faced consistent outflows. The cumulative flow of all Bitcoin spot ETFs has surpassed $1.3 billion, indicating a strong demand for these instruments. However, the dominance of Grayscale’s $GBTC has overshadowed the performance of other ETFs. Moving forward, it will be interesting to see how these trends evolve and whether selling pressure on $GBTC decreases.
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