Second Daily Outflows Witnessed by Hong Kong’s Bitcoin Spot ETFs since Launch
In a similar manner to the Hong Kong spot Bitcoin ETFs, their US counterparts also experienced a net outflow of $11.29 million on Thursday.
In a similar manner to the Hong Kong spot Bitcoin ETFs, their US counterparts also experienced a net outflow of $11.29 million on Thursday.
GBTC’s high management fees at 1.5% continue to hurt Grayscale as revenue of the firm remained flat in Q1 amid high redemptions from Bitcoin ETF.
The JPMorgan analysts believe the US SEC will establish a middle ground between security and commodity for Ethereum, thus leading to imminent approval of spot ETFs.
Earlier this week, GBTC recorded daily net inflow after a very long time of constantly seeing outflows.
The prominent crypto wallet developer had secured approval for its stock to be listed on the NYSE American.
The latest offloading of Coinbase shares comes amid the part of Ark’s portfolio rebalancing. Coinbase still remains the third-largest holding for the company.
Despite Grayscale GBTC holding the largest BTC reserves, the BlackRock Bitcoin ETF IBIT remains the top choice of institutions.
The companies said the rollout of the fund could be viewed as a significant step forward in enhancing the financial infrastructure of Hong Kong’s ETF market.
The Hong Kong equities sector is relatively small as opposed to that of the United States.
The company is also holding large amount of shares of the Fidelity Bitcoin ETFs, as well as the ProShares Bitcoin Strategy ETF (BITO).
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