As an experienced financial analyst, I have closely monitored the Bitcoin market and its associated Exchange-Traded Funds (ETFs) over the past few months. The recent data on US spot Bitcoin ETFs, particularly those managed by Grayscale and other major players, has piqued my interest.
As a crypto investor, I’ve noticed that US-listed Bitcoin exchange-traded funds (ETFs), such as GBTC, started off strongly in June, despite some signs of decreasing excitement in the market. In just the first week of this month, these ETFs amassed an impressive 25,729 Bitcoins collectively.
The data indicates that these ETFs purchased 33,456 Bitcoin in January, followed by 116,561 Bitcoin in February and an additional 65,456 Bitcoin in March. However, there was a net withdrawal of 6,074 Bitcoin in April. The figure then rebounded in May with the acquisition of 25,729 Bitcoin.
It’s intriguing to note that the total number of Bitcoins bought by investment funds in the initial week of June approached the amount purchased in the entire month of May, according to HODL15Capital’s data.
Over the past few weeks since their debut in mid-January, these Bitcoin spot ETFs have amassed approximately $15.7 billion in investment from investors. This aggregate sum takes into account the $17.93 billion worth of outflows encountered by Grayscale’s GBTC during this timeframe.
Eleven ETFs, collectively, have managed over $61 billion in assets under their management (AUM). Among these, BlackRock and Fidelity hold the largest portions within the US market.
Additionally, US-listed SPOT ETFs experienced an impressive run of 19 straight days with net inflows. Yet, this remarkable trend was broken just a month after its initiation.
As a researcher analyzing Farside data, I discovered that on June 10, approximately $64.9 million was withdrawn from the ETFs. Unsurprisingly, Grayscale’s GBTC experienced the largest outflow with nearly $40 million being removed. In contrast, IBIT and BITB were among the rare cases that reported minor inflows.
As a crypto investor, I’ve noticed an intriguing development over the past 12 hours. Bitcoin’s price took a downturn, plummeting from around $70,000 to under $68,000 in a matter of hours. This shift left a significant wake-up call with over $170 million worth of liquidations, causing ripples that dragged the entire market down with it. The outflows from Bitcoin ETFs seemed to have played a role in this sudden price adjustment.
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2024-06-11 09:04