Spot Bitcoin ETFs Experience a Decline in Pre-Market Trading
Two major Spot Bitcoin ETFs, BlackRock’s IBIT and Grayscale’s GBTC, saw a significant drop in the pre-market trading session today. This comes after the ETFs reported weak inflows on Tuesday. Additionally, their competitors VanEck’s HODL and Valkyrie’s BRRR also experienced a pullback.
BlackRock & Grayscale ETFs Register A Dip
According to data from Yahoo Finance, BlackRock’s iShares Bitcoin ETF dropped by 2.02% in the pre-market session, with a value of $29.07 at press time. On Tuesday, it closed at $29.67 with a slight gain of 0.17%. Grayscale’s GBTC also declined by 1.94%, reaching $45.51. However, it had seen a small increase in the previous trading session, closing at $46.41 with a 0.28% gain.
Other ETFs such as VanEck’s HODL and Valkyrie’s BRRR also experienced drops in value in the pre-market session. VanEck’s HODL decreased by 1.44% to $58, while Valkyrie’s BRRR dipped by 1.06% to $14.47. Invesco Galaxy’s BTCO witnessed a loss of 1.94%, settling at $51.00, and Franklin Templeton’s EZBC slumped by 0.96% to $29.92. On the other hand, Hashdex’s DEFI saw a 1.90% increase in value, reaching $62.84.
Spot Bitcoin ETFs Witness Weak Inflows
The net inflow of the 11 Spot Bitcoin ETFs dropped by 60% from the previous week’s close, amounting to $135.60 million, according to BitMEX research. After reaching a record-breaking single-day net inflow of over $630 million last week, the numbers gradually declined. BlackRock’s IBIT experienced a net inflow drop of over 50% to $154.3 million.
Grayscale’s GBTC continued to register net outflows, with $137 million leaving the fund. However, the net outflow figure has significantly decreased. Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC did not attract any net inflows on Tuesday. ARK 21 Shares’ ARKB saw a net inflow of $27.4, indicating poor performance.
Hot Take: Spot Bitcoin ETFs Face Decline in Pre-Market Trading and Weak Inflows
The pre-market trading session saw a decline in major Spot Bitcoin ETFs, including BlackRock’s IBIT and Grayscale’s GBTC. This drop can be attributed to weak inflows reported on Tuesday. The competitors of these ETFs, such as VanEck’s HODL and Valkyrie’s BRRR, also experienced a pullback in value.
Furthermore, the net inflows for Spot Bitcoin ETFs have seen a significant decrease compared to the previous week. BlackRock’s IBIT and Grayscale’s GBTC both witnessed drops in net inflows, while other ETFs like Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC did not attract any significant inflows. This indicates a challenging period for these ETFs.
If you are invested in Spot Bitcoin ETFs or considering investing in them, it is crucial to closely monitor their performance and keep an eye on any changes in inflows and market trends. Stay informed and make informed decisions to navigate the crypto market effectively.
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