On April 8, Mondays newest Bitcoin ETFs experienced a total withdrawal of approximately $224 million, as indicated by initial figures from Farside Investors.
Four consecutive days saw a net inflow of $570 million into institutional investment products, but now, that trend is being reversed.
This week’s drain-off was worsened once more by Grayscale, experiencing its biggest GBTC redemption since March 25th.
ETF Momentum Waning?
On a given day, GBTC lost approximately $303 million or around 4,300 Bitcoin. Since its transformation into a spot Bitcoin ETF in January, the fund has experienced an outflow totaling $15.8 billion, which represents nearly half (48%) of the Bitcoin it previously held.
HODL15Capital pointed out that while GBTC experienced withdrawals, the newly introduced ETFs purchased a total of 520,544 Bitcoins over a three-month period, leading to approximately a 220,000 Bitcoin boost in holdings.
Approximately $21.3 million flowed into BlackRock on days with minimal new investments, while Fidelity experienced an inflow of around $6.3 million during the same period.
The Bitwise BITB ETF topped the list of daily inflows with a total of $40.3 million. ARK 21Shares’ ARKB followed closely behind with a $9.3 million influx. However, the overall inflow figures for ETFs were relatively low.
Eric Balchunas, an analyst at Bloomberg ETF, examined the long-term trend and shared that BlackRock’s IBIT and Fidelity’s FBTC have withdrawn cash for 59 consecutive days, placing them among the top 20 with the longest streaks on record.
$IBIT and $FBTC have been advancing with cash for an impressive 59 consecutive days now, placing them among the Top 20 all-time performers. (It’s important to note that their streak is exceptional, particularly when considering active or newborn records.) [Source: @thetrinianalyst]
— Eric Balchunas (@EricBalchunas) April 8, 2024
Bitcoin’s price reached a three-week high of $72,500 in the late hours of April 8. However, during the Asian trading session on Tuesday morning, the asset has experienced a slight pullback and was currently being traded for $71,181.
This week, some important inflation measures are coming out in the US, which could cause market volatility.
ETF News Roundup
On April 8, according to James Seyffart, an analyst at Bloomberg ETF, Defiance made an application for a 2x leveraged Ethereum futures exchange-traded fund (ETF). If approved, this fund might be listed under the ticker symbol ETHL.
He added that this is the same company that recently filed for a 2x leveraged Microstrategy ETF.
Seyffart added that the SEC has yet to make a decision on permitting Bitcoin SPOT ETFs with buy-and-sell features, according to his report.
He mentioned that obtaining approval from various regulatory bodies such as the SEC, CFTC, and OCC is required, implying that “the process may take some time, and there isn’t a definitive timeline for completing everything.”
Decision on whether or not to allow options on the spot #Bitcoin ETFs has been delayed by SEC.
— James Seyffart (@JSeyff) April 8, 2024
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2024-04-09 09:33