On the second consecutive day for Bitcoin spot ETFs freshly introduced, nine out of the eleven saw no new investments.
According to initial data from Farside Investors, only Grayscale and BlackRock experienced inflows or outflows on April 12 and 15, while all other funds remained inactive.
In simpler terms, Grayscale’s GBTC has been losing more money than it is gaining recently, resulting in a total deficit over the past two business days.
Over the past week, there has been a net withdrawal of approximately $126 million from investment products related to cryptocurrencies, as reported by CoinShares.
Don’t get your hopes up guys. This is a $110.1 million OUT flow for the day. lol
— James Seyffart (@JSeyff) April 15, 2024
ETF Flows Stagnating
BlackRock’s top-tier IBIT fund is still boosting crypto ETF markets with substantial investments, but the amount of new funds is decreasing. On April 15 alone, IBIT added $73.4 million, marking their fourth large investment this month.
Despite offsetting some expenses, GBTC still had an $110 million withdrawal, leading to a total Bitcoin ETF outflow of $36.7 million the previous day.
The leading fund by Grayscale has lost approximately 308,379 Bitcoins, equivalent to around $19 billion based on current market prices. This represents nearly half of the total Bitcoin holdings the fund had prior to its transition into a spot Exchange-Traded Fund (ETF) in mid-January.
Fidelity’s FBTC fund had another zero flow day, ending its inflow streak on Friday.
Despite a decrease in ETF demand during the last month, Ki Young Ju, the CEO of CryptoQuant, noted that on-chain accumulation continues to be quite robust once you exclude transactions related to ETF settlements.
The interest in a Bitcoin ETF has slowed down for the past month, but there’s still significant on-chain activity, excluding transactions related to ETF settlements.
— Ki Young Ju (@ki_young_ju) April 16, 2024
This week, significant ETF news emerged with the approval of Bitcoin and Ethereum spot products in Hong Kong. According to Michael Gu, founder of Boxmining, this development acts as a trial ground for Chinese investments to flow into the system.
“ETF expert Eric Balchunas noted that the value of Bitcoin ETFs in the US exceeds the total assets held by all Hong Kong ETFs,” is one way to paraphrase this statement.
Crypto Correction Continues
Despite new developments in the Far East, the market downturn continued, causing a decrease of 3.8% in total market value on that day.
The total cap is now at its lowest level since late February, falling to $2.5 trillion.
During Asian trading hours on Tuesday, Bitcoin experienced a decline of 1.8%, resulting in a price of approximately $63,000.
Ethereum dropped by 2% to $3,100, while several alternative coins experienced greater losses. For instance, Solana (SOL) declined by 8%, and Toncoin (TON) plunged by 7%.
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2024-04-16 12:48