Spot Bitcoin ETFs have collectively acquired 95,000 BTC in just six trading days, surpassing outflows from Grayscale Bitcoin Trust (GBTC). According to Bloomberg analyst Eric Balchunas, Fidelity's (FBTC) and BlackRock's iShares Bitcoin Trust (IBIT) lead inflows, with over $1.2 billion each. IBIT has a slight edge in assets under management, with $1.4 billion compared to FBTC's $1.3 billion.
Invesco's ETF had its best day for inflows on Friday, January 19, attracting over $63 million. VanEck's ETF also had a strong Friday, pushing its total assets under management beyond $100 million. Meanwhile, Grayscale’s GBTC saw $590 million in outflows on Friday, putting the total outflows from GBTC to be $2.8 billion since it was converted to a spot Bitcoin ETF. However, total net flows is a positive $1.2 billion, as other spot Bitcoin ETFs attracted $4 billion in funds, likely due to the lower fees compared to GBTC.
On their fifth trading day last Thursday, Bitcoin ETFs netted a combined $440 million in Bitcoin from investors. BlackRock's IBIT led with 8,700 BTC, valued at nearly $358 million. Nine ETFs, excluding Grayscale, have acquired almost 68,500 BTC, valued at around $2.8 billion, since their inception. Meanwhile, the rest of the spot Bitcoin ETFs experienced a 34% increase in daily trading volume by the fifth day of trading.
The successful approval and launch of the spot Bitcoin ETFs was a highly anticipated milestone, showing growing institutional interest and demand for regulated Bitcoin investment products. Bitcoin (BTC) is down 2.53% over the past week and is currently trading at $41,250.
Source : Yahoo crypto / Jan 22, 2024