Bitcoin ETF Products and Flow Outlook
The net flows from Bitcoin ETFs have exceeded $1.2 billion, particularly after nine out of the eleven approved ETF filers pulled in nearly $914 million on January 18. This marked the best trading day since the spot Bitcoin ETFs began trading last week.
On the fourth trading day, the inflows for Bitcoin ETFs surpassed Grayscale’s GBTC outflows of $450 million. The “Newborn Nine” have collectively traded $5.4 billion and attracted $3 billion in the four trading days. BlackRock’s IBTC has traded over $1 billion, with Fidelity’s FBTC following closely in second place and Bitwise BITB in third.
BlackRock Leads Huge BTC Netflow
Contrary to other ETF issuers experiencing significant inflows, Grayscale has seen substantial outflows due to its 1.5% fee. Many investors are dumping GBTC, jeopardizing the fund’s dominance. Additionally, Grayscale has been moving its Bitcoin holdings, leading to market speculation.
Grayscale’s disappointing inflow-to-outflow ratio was unexpected given its strong performance on the first trading day of Bitcoin ETFs. BlackRock now holds the top position with significant figures.
As previously reported, BlackRock currently holds over 11,400 BTC in trust. With its market volume and influence, it is projected that BlackRock’s Bitcoin holdings have surpassed 24,000.
Hot Take: Spot Bitcoin ETF Trading Day 4 Sees Significant Netflow
The spot Bitcoin ETF market is showing promising signs despite recent underperformance by the underlying cryptocurrency. At the time of writing, Bitcoin is valued at $42,622.60, experiencing a 0.76% decline in the past 24 hours.
Source: Coingape
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