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’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
HashKey also disclosed that it will offer more services such as staking of digital assets to earn passive income.
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.
The crypto market has regained traction following the approval of the ETFs in Hong Kong.
Ahead of the expected approval Chinese mainland-based equity funds are exploring opportunities in the spot Bitcoin exchange-traded fund market through their Hong Kong subsidiaries.
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.
The first set of spot Bitcoin ETFs will be available for trading in Hong Kong by the month end after the Hong Kong Securities Regulatory Commission gives a green light this week.
Despite approving spot Bitcoin ETFs in January, the SEC approaches Ether cautiously.
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.
The upcoming Bitcoin halving 2024 scheduled for a later date this month is said to have injected substantial investments into the market, supporting overall sentiment