US online payments giant has announced collaboration with a venture company to help early-stage entrepreneurs solve major global issues.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.
The recent sight of ETF outflow aligns with Bitcoin’s downward trajectory. The cryptocurrency lost 13% of its worth over the past week.
Spot Bitcoin exchange-traded funds have seen steady trading volumes in April after reaching a peak in early March, maintaining solid activity around $215 billion.
GBTC, the largest Bitcoin trust globally, continues to face outflows, with $110.1 million exiting the fund on April 15, a decrease from $166.2 million on April 14.
During the last week, the nine Bitcoin ETFs saw their lowest weekly inflows at $572 million while GBTC alone registered $767 million in outflows making the net flows negative.
BlackRock has started heavy advertising for its IBIT Bitcoin ETF on Bloomberg’s home page to leverage its position in the current market momentum.
Grayscale CEO is confident of more investors adopting Bitcoin ETF especially after the US SEC approves Grayscale Bitcoin Mini Trust with lower sponsor fees.
While outflows have decreased from the substantial $600 million observed in March, GBTC continues to face net redemptions.
While it is not certain if the drop in the price of Bitcoin is caused by reduced investors’ appetite for spot ETFs, the decline is substantial as it marks a 6% reduction from its all-time high of its $73,628.
On April 8, US spot Bitcoin ETFs suffered their worst day for net outflows since March 20, with funds experiencing a $223.8 million outflow.