The group of recently launched spot Bitcoin exchange-traded funds (ETFs) are seeing combined negative flows for the first time since they opened trading on Jan. 11, as flows into funds like BlackRock's IBIT and Fidelity's FBTC failed to keep up as Grayscale's GBTC exits.
According to data from Bloomberg Intelligence analyst James Seyffart, the 10 spot Bitcoin ETFs (including GBTC) recorded a net outflow of $158 million on Wednesday. Of course, daily flows can be fickle. Figures compiled by CoinDesk from issuers' websites show that the total Bitcoin holdings across all spot ETFs (including GBTC) stood at 642,458 as of Jan. 24, down from 660,540 a week earlier, a decline of more than 18,000 tokens .
The only fund that actually saw negative inflows over the week was GBTC, whose total number of Bitcoins under management fell from 592,098 to 523,516.
Among the other nine funds, BlackRock's IBIT and Fidelity's FBTC lead the way, with each now holding more than 40,000 Bitcoin as of January 24, up from 20,000-25,000 each a week ago. Both companies also have almost $2 billion in assets under management.
However, inflows for both funds have slowed in recent days. BlackRock, for example, added just 1,663 tokens on January 24th, its weakest daily gain since it opened for business, and down from 8,705 on January 17th.
Despite last week's slowdown, net inflows across the ten spot ETFs that opened on January 11 remain significant. Seyffart's Bloomberg colleague Eric Balchunas calculated a total inflow of $824 million since launch, representing a net Bitcoin gain of around 17,000 to 20,000 tokens.
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