As a seasoned crypto investor with a decade-long experience in the market, I’ve witnessed firsthand the significant impact spot Bitcoin ETFs have had on the cryptocurrency’s price action. The recent net inflows into Grayscale’s GBTC are an encouraging sign that institutional investors remain bullish on BTC, despite the four-month streak of outflows.
On Monday, the Grayscale Bitcoin Trust (GBTC) experienced two successive days of investing inflows, drawing in approximately $4 million. This marked an end to a continuous four-month trend of withdrawals.
Following last Friday’s change in direction, GBTC experienced an inflow of $63 million, marking a reversal of the 78-day trend during which it had a net outflow of over $17 billion. The Bitcoin trust, which transformed into a spot Bitcoin product in January, now holds around 292,217 BTC (equivalent to roughly $18.4 billion) from its previous holding of approximately 619,220 BTC on January 11th. According to the fund’s website.
BlackRock’s IBIT Lags Behind Competitors
Instead of this: “In contrast, on Monday, the 11 US-based spot Bitcoin ETFs collectively received $217.06 million in funds, pushing the overall total net investment inflow to $11.8 billion.”
As a researcher, I’ve analyzed daily inflows into various Bitcoin exchange-traded funds (ETFs) using data from SoSoValue. On May 6th, Fidelity’s FBTC led the pack with impressive $99 million in new investments. Close behind was ARK 21Shares spot Bitcoin ETF (ARKB), which attracted $76 million. BlackRock’s IBIT followed suit with a respectable $22 million in inflows on that day.
During this timeframe, Galaxy Digital’s BTCO attracted $11 million in investments, while Bitwise’s BITB, VanEck’s HODL, and Franklin Templeton’s EZBC saw inflows of $2 million apiece. No flows were reported for WisdomTree’s BTCW or Valkyrie’s BRRR during this period.
Impact of Spot Bitcoin ETFs
Bitcoin ETFs with a focus on spot trading have significantly contributed to the cryptocurrency’s record-breaking price milestone prior to its fourth halving. Nevertheless, a prolonged pause in these ETFs’ activities led to a challenging period for Bitcoin as they collectively halted the acquisition of coins for over a month.
As a crypto investor, I’ve been closely monitoring the latest findings from Ecoinometrics’ report. Their assertion that Bitcoin’s growth hinges on spot Bitcoin ETFs has raised some uncertainty about the future direction of its price. However, there’s been a noticeable surge in figures related to spot Bitcoin ETFs recently, following a brief lull. This renewed interest has significantly boosted Bitcoin’s value, pushing it past the $63,000 mark.
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2024-05-07 16:46