Spot Bitcoin ETFs Continue to Impress with Strong Performance
The fourth day of trading for spot Bitcoin ETFs in the US has shown impressive results. Bloomberg analyst Eric Balchunas shared the final data for day 4, highlighting the success of the newly approved spot Bitcoin ETFs collectively known as the “Newborn Nine.” The ETFs have seen significant inflows, with a total of $3 billion and $5.4 billion in trades in the first four days.
2 Spot Bitcoin ETFs Among Top-5 Launches By AUM
According to Balchunas, the Newborn Nine had their best day yet, pulling in $914 million on Wednesday. This influx of investment has particularly favored BlackRock’s IBIT, which has now amassed over $1 billion. Fidelity’s FBTC and Bitwise’s BITB are also seeing strong numbers with $882.3 million and $373.3 million respectively.
Growth Not Just from GBTC Outflows
Balchunas pointed out that the success of these spot BTC ETFs extends beyond capital shifting from Grayscale’s GBTC. He emphasized that ETFs have been taking money from high-cost mutual funds for years, and this trend will continue as anything high-cost is vulnerable now.
Significant Inflows and Trading Volume
The success of these spot BTC ETFs is evident not only in their own sphere but also in the broader market. Balchunas noted that after four days, two of them are in the top 5 and three in the top 10 most successful ETF launches.
Grayscale Outflows Slow Down
There has been a reduction in selling pressure for Grayscale’s GBTC. While there have been significant outflows since the regulatory approval, the recent inflows to other spot Bitcoin ETF issuers have compensated for the selling. However, it remains to be seen if GBTC sales will continue to slow down in the coming days.
BlackRock’s IBIT Acquiring Bitcoin at a Rapid Pace
BlackRock’s IBIT is acquiring Bitcoin at a faster rate compared to Grayscale’s outflow. If the current trend continues, IBIT could surpass GBTC in terms of Bitcoin holdings in just 37 days.
Hot Take: Spot Bitcoin ETFs Make an Impressive Start
The spot Bitcoin ETFs have made a strong start with significant inflows and trading volume. The Newborn Nine, collectively approved ETFs, have attracted billions of dollars in just four days of trading. This success has not only impacted Grayscale’s GBTC but also other high-cost mutual funds. The growth of these ETFs has positioned two of them in the top 5 and three in the top 10 most successful ETF launches. As the market continues to evolve, it will be interesting to see how these spot BTC ETFs perform and if they can maintain their impressive performance.
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