Bitcoin ETF Flows Dip Into The Red For The First Time Since Launch

The recently launched spot Bitcoin ETF (exchange-traded funds) products in the US are seeing combined negative flows for the first time since they started trading on Jan.11 as inflows for BlackRock and Fidelity are overshadowed by outflows from Grayscale’s GBTC.

Data collected by Bloomberg Intelligence analyst James Seyffart shows that the 10 spot bitcoin ETFs, as well as GBTC, saw a net outflow of $158 million on Jan. 24. 

The total number of Bitcoin held by all of the spot ETFs as of Jan. 24 is approximately 649,000, according to figures compiled by CoinDesk. This comes a week after the total stood at over 660,000 BTC, marking a decline of roughly 11,000 tokens.

The deadline for a ruling on Ark's application for a bitcoin ETF is near

Bitcoin ETF Inflows Led By IBIT, FBTC

Among the 10 funds, BlackRock’s IBIT and Fidelity’s FBTC currently lead the way with each holding more than 40,000 Bitcoin as of Jan. 24. As a result, both funds hold in excess of $1.6 billion in assets under management.

GBTC was the only fund that saw actual negative outflows over the last week. During this period, its total Bitcoin holding dropped from 592,098 to 523,516. The decline was enough to flip the net flows of the 10 spot ETFs into negative territory. This was also made easier by the drop in IBIT’s and FBTC’s inflows over the past few days.

BlackRock’s IBIT recorded 1,663 BTC in inflows on Jan. 24, which was its weakest daily addition since it started trading. It was also a drop from the 8,705 BTC inflows the fund achieved on Jan. 17.

Net Flows Remain In The Green Despite Decreased Activity

Despite the decline throughout the last week, net inflows for the 10 spot Bitcoin ETFs which went live on Jan. 11 are still substantial. Seyffart’s Bloomberg colleague, Eric Balchunas. revealed that the total dollar inflows amounts to $824 million since launch, or roughly 20,000 Bitcoin.

Related Articles:

  • SEC Delays Decision On Grayscale’s Spot Ethereum ETF, Asks If It’s Susceptible To Manipulation And Fraud
  • Changpeng Zhao Offered Binance.US Stake Worth $4.5 Billion As Security For Trip To UAE
  • Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024! 

Comments

Post a Comment

Popular posts from this blog

Ripple Analysts Predict XRP Surge to $0.66 as Volume Skyrockets

Image
With Ripple celebrating a year anniversary of a critical ruling in its ongoing legal battle with the US Securities and Exchange Commission (SEC), analysts predict XRP to surge to $0.66 as the tokens’ volume skyrockets. Moreover, investment interest has also surged, only strengthening the forecasts. XRP has surged above the $0.52 level following a 25% increase over the last seven days, according to CoinMarketCap. Additionally, the crypto has seen transactions increase to as much as $2.55 million, despite reversing to its current $1.6 million level. Still, there is reason to be optimistic for the token’s performance. Source – CryptoTicker Also Read: Ripple: Will XRP Skyrocket to $3.81 By 2030? XRP Could Continue Surging Far Above $0.6 Level, Analyst Says In a post to X (formerly Twitter), crypto analyst Dark Defender predicted that Ripple (XRP) could surge to the $0.66 level as its volume skyrockets. Indeed, the analyst noted that the crypto broke resistance at the $0.46 level. Moreover,
Read more

Cardano: ADA To Pump At $10, Analyst Predicts

Image
Cardano, one of the domain’s notable crypto tokens, is yet to experience the bullish onset of the market that its contemporaries are currently basking in. Moreover, the token has long been trading between $0.40 and $0.47, drawing significant speculation on when its price will skyrocket. The ADA ecosystem is looking forward to the Chang Hard Fork update, which is poised to introduce noteworthy changes in Cardano’s infrastructure and order. With the hard fork timeline drawing in hard and fast, several crypto analysts are also busy predicting new price thresholds for ADA and speculating on Cardano’s future price levels.  Also Read: Analyst Predicts Timeline For Cardano’s ( ADA ) Bullish Price Breakout Chang Hard Fork Could Help ADA Surge To $10 Source: Reddit Cardano’s slow price pace has been a serious topic of contention within the crypto community. With the Chang Hard Fork upgrade in the mix, several analysts are banking on ADA ’s meteoric price rise post-fork deployment,
Read more

Setup for High-Quality Altcoins Looking Increasingly Favorable As Global Liquidity Gears Up for Expansion: Jamie Coutts

Image
Real Vision analyst Jamie Coutts thinks high-quality altcoins could be primed for price surges as global liquidity ramps up. Coutts tells his 18,600 followers on the social media platform X that the market looks close to washed out, global liquidity is about to turn higher and the risk/reward picture looks “increasingly favorable” for high-quality altcoins. “Top 200 Equal Weight vs. market cap weight ratio at extreme bearish levels. Currently, it’s -2.8 standard deviations ~ a bearish extreme that only hit on three previous occasions. • 2021: During a bull market that proved to be an excellent re-up for the cycle. • 2022: prematurely, but close to the cycle lows when the market was 70% down. • 2023: Near the SEC-catalyzed capitulation lows, Alts decisively broke higher four months later. Despite a small sample size, this breadth measure hints at upcoming cyclical bottoms and mid-cycle entries. Current data parallels 2021’s mid-cycle slump, not 2022/23’s end.”
Read more