Spot Bitcoin ETFs See Decrease in Inflows
According to BitMEX Research, spot Bitcoin ETFs experienced a significant drop in inflows on February 7, with total inflows for 10 Bitcoin ETFs amounting to just $33.7 million. This is the second-lowest inflow recorded, following a $14.8 million inflow on January 26.
The BlackRock Bitcoin ETF (IBIT) saw its inflows decrease to a new low of $45.2 million, while Fidelity’s FBTC also experienced a drop in inflow of $37.7 million. However, Bitcoin ETFs from Bitwise, Ark 21 Shares, VanEck, and WisdomTree saw an increase in inflows.
Grayscale Outflows Slow Down
Grayscale’s GBTC witnessed a record low outflow of $72.7 million since the approval of spot Bitcoin ETF by the U.S. SEC on January 11. This decrease in outflows indicates a potential end to the mass exodus from the Bitcoin ETF and could have a positive impact on the crypto market and Bitcoin price.
CME Becomes Largest Bitcoin Futures Exchange Again
CME has once again surpassed Binance as the largest Bitcoin futures exchange. With a notional open interest (OI) of 106,090 BTC valued at $4.55 billion, CME reclaimed its position after experiencing a nearly 5% rise in Bitcoin futures open interest. Binance now ranks second with a notional open interest of 103,660 worth $4.46 billion.
Hot Take: Spot Bitcoin ETF Inflows Drop as Grayscale Outflows Slow Down
The latest data shows a decline in spot Bitcoin ETF inflows while Grayscale’s GBTC experiences a record low outflow. This suggests a potential shift in investor sentiment towards Bitcoin ETFs. Additionally, CME has regained its position as the largest Bitcoin futures exchange, surpassing Binance. These developments indicate the evolving landscape of the crypto market and highlight the need for investors to stay informed and adapt to changing trends.
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