Your Guide to US Bitcoin ETF Flows and GBTC Trends ๐
If youโre following US Bitcoin exchange-traded funds (ETFs), recent data shows some interesting trends to keep an eye on. Hereโs a breakdown of the latest flows and outflows affecting Grayscaleโs GBTC and other prominent ETFs:
US Bitcoin ETF Flows Analysis ๐
- US Bitcoin ETFs experienced net outflows on Monday after a week of constant inflows
- Total outflows of $302.6 million from Grayscaleโs GBTC fund overshadowed inflows
- Inflows of $165.9 million from BlackRockโs IBIT ETF were not sufficient to offset the outflows
- Fidelityโs FBTC ETF recorded inflows of $44 million, while Invescoโs BTCO saw $4.2 million in inflows
- Ark Invest 21Sharesโ 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 ๐
- 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
- Grayscaleโs 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? ๐
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
- BlackRockโs IBIT leads in BTC under management, followed by Fidelityโs 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 โฟ
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! ๐
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!
Sources:
โ CoinGlass
โ The Block
Leo Nomist emerges as a maestro harmonizing the roles of crypto analyst, tenacious researcher, and editorial virtuoso, creating an unparalleled symphony of insight. Amidst the intricate world of digital currencies, Leo’s perspectives resonate like finely tuned chords, capturing the attention of curious minds from diverse horizons. His talent for deciphering complex threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into a captivating composition of understanding.