On January 6th, U.S.-based Bitcoin Exchange Traded Funds (ETFs) experienced their largest influx of investments since November 21st, amounting to approximately $978 million or 9,577 Bitcoins. This signifies a significant increase in the number of Bitcoins entering these investment products.
Furthermore, on both the previous and current trading days, there were inflows exceeding $900 million each. Specifically, on January 3rd, a total of $908 million flowed into the eleven funds.
Over the course of two days, an influx of $1.88 billion into investment products managed to largely counteract a previous trend where a total of $1.97 billion had been withdrawn since December 19th, nearly undoing that substantial outflow.
Final 1/6 inflows for U.S. Bitcoin ETFs 9,577 BTC, or $978 million
— HODL15Capital (@HODL15Capital) January 7, 2025
ETF Consumption Way Exceeding BTC Production
On Monday, Fidelity’s FBTC fund took the top spot, drawing in $370 million, while BlackRock’s IBIT fund came in second with a $209 million inflow. (In this context, “inflow” means money being invested into a fund.)
21Shares experienced a positive day with an inflow of $153 million, while both Grayscale’s GBTC and BTC mini trust recorded over $70 million each in inflows, joined by Bitwise. Franklin and VanEck saw minor inflows, and there were no outflows for the remaining funds.
GBTC Buys 720 Bitcoin
You know it’s a big day when GBTC are buying
— Thomas | heyapollo.com (@thomas_fahrer) January 7, 2025
Approximately 9,000 Bitcoin or more has been flowing into Bitcoin Spot Exchange-Traded Funds (ETFs) each day during the last two trading sessions. This amount greatly surpasses the daily average of around 450 Bitcoins mined.
Eric Balchunas, an analyst at Bloomberg ETF, stated that he had anticipated a challenging period for Bitcoin ETFs due to the dip below $100,000 (in need of a break), but instead, they experienced a significant surge with almost $1 billion in inflows on Friday. Since then, Bitcoin has regained its position above $100,000, and these products have continued to attract nearly $1 billion more.
Given the dip in Bitcoin ETFs below $100k (due for a brief downturn), I would have anticipated some turbulence. However, quite unexpectedly, they surged by almost $1 billion on Friday, pushing the one-week chart to a positive trend. This is a promising development. Furthermore, the gains were distributed widely, similar to the Dream Team’s scoring distribution – another encouraging sign.
— Eric Balchunas (@EricBalchunas) January 6, 2025
The surge in ETFs can be attributed to the strong performance of Bitcoin, which has seen a nearly 10% increase since the start of this year. In fact, its value peaked at $102,512 during Asian trading hours on Tuesday morning. If these gains are sustained, we might see the momentum of ETFs carry over into today.
ETH ETF Resurgence
On Monday, Ethereum ETFs experienced a significant increase in investments, marking their largest inflow in two weeks totaling approximately $128.7 million.
Approximately $124 million out of the incoming amount mainly went to BlackRock’s ETHA fund. Since its launch six months ago, this fund has received a grand total of $3.6 billion in investments.
For the remainder of the ETH ETFs, there was minimal action taking place. On the other hand, Grayscale’s ETHE saw a continued outflow, resulting in a loss of approximately $7.2 million on Monday.
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2025-01-07 12:06