Bitwise ETF Sees $238 Million Inflows on First Day of Trading
Bitwise’s spot bitcoin exchange-traded fund (ETF) received $238 million of inflows on its first day of trading, making it the largest set of inflows compared to Fidelity’s $227 million and BlackRock’s $111 million. However, these figures are subject to change and may increase. The total inflows across all ETFs currently stand at $721 million, excluding Valkyrie’s spot bitcoin ETF and Grayscale Bitcoin Trust. If Grayscale reports significant outflows, this could impact the overall figure. Grayscale’s activity will not be known until Friday evening at the earliest or Tuesday evening at the latest.
Franklin Templeton Undercuts Bitwise with Lower Fee
Yesterday, Bitwise offered the lowest fee for its spot bitcoin ETF at 0.2%. However, Franklin Templeton reduced its fee from 0.29% to 0.19%, undercutting Bitwise by one basis point.
$4.5 Billion in Trading Volume for Spot Bitcoin ETFs
Spot bitcoin ETFs saw a healthy $4.5 billion in trading volume on Thursday, with the majority concentrated among a few select products. Grayscale had the largest trading volume of $2.2 billion due to its pre-existing assets under management. BlackRock’s ETF followed with $1 billion in trading volume, and Fidelity was third with $680 million.
Hot Take: Bitwise ETF Dominates Day One with Impressive Inflows
Bitwise’s spot bitcoin ETF made a strong debut with $238 million in inflows on its first day of trading. This marked the largest set of inflows compared to other major competitors in the market. However, it’s important to note that these figures are subject to change and may increase. Grayscale’s activity will be known later than other products, potentially impacting the overall figure. The competition among ETF providers is heating up, with Franklin Templeton undercutting Bitwise’s fee. Overall, the spot bitcoin ETF market saw significant trading volume, highlighting the growing interest in this investment vehicle.
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