Your Guide to US Bitcoin ETF Flows and GBTC Trends 📈
If you’re following US Bitcoin exchange-traded funds (ETFs), recent data shows some interesting trends to keep an eye on. Here’s a breakdown of the latest flows and outflows affecting Grayscale’s GBTC and other prominent ETFs:
US Bitcoin ETF Flows Analysis 📉
- US Bitcoin ETFs experienced net outflows on Monday after a week of constant inflows
- Total outflows of $302.6 million from Grayscale’s GBTC fund overshadowed inflows
- Inflows of $165.9 million from BlackRock’s IBIT ETF were not sufficient to offset the outflows
- Fidelity’s FBTC ETF recorded inflows of $44 million, while Invesco’s BTCO saw $4.2 million in inflows
- Ark Invest 21Shares’ ARKB ETF registered its first daily fund outflow of $300,000
- Overall net collection for US Bitcoin ETFs stands at over $12 billion
Genesis of GBTC Selling Pressure 🔍
- A potential sale of 35.9 million GBTC shares worth about $2 billion by Genesis Global Holdco LLC reportedly added to the recent selling pressure on GBTC
- Grayscale’s GBTC fund has experienced decreasing outflows, indicating a potential easing of selling pressure
- Daily flows exceeded the average of $274 million on Monday, influenced by Good Friday market closure
Bitcoin Recovery In Sight? 🚀
James Seyffart, an ETF analyst at Bloomberg, expressed surprise at the higher-than-expected outflows for GBTC on Monday, totaling over $15 billion since January 11th. Here are some additional insights:
- Bitcoin fund conversion dropped by 46%, from 619,000 BTC to 333,619 BTC ($22 billion), as per CoinGlass data
- BlackRock’s IBIT leads in BTC under management, followed by Fidelity’s FBTC
- US spot Bitcoin ETFs generated a trading volume of $3.03 billion on Monday
- Despite decreasing daily trading volumes, cumulative trading volume for all Bitcoin spot ETFs is $184.6 billion
The Bitcoin Price Tale ₿
Currently trading around $66,007, Bitcoin saw a 4.5% drop in the last 24 hours from a high above $71,000. Market volatility also affected the GMCI 30 index and witnessed significant liquidations in Bitcoin positions:
- GMCI 30 index decreased by 5.4% to 144.80 in the last 24 hours
- Over $135 million in Bitcoin positions liquidated, including $93 million in long positions
Hot Take: Stay Cautious in the Changing Crypto Landscape! 🌐
With US Bitcoin ETFs experiencing net outflows and fluctuations in GBTC trends, the crypto market remains dynamic and unpredictable. Keep a close watch on these developments as they may impact your investment decisions in the cryptocurrency space. Stay informed, stay vigilant, and stay ahead in the ever-evolving crypto world!
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