U.S. spot Bitcoin exchange-traded funds (ETFs) recorded an $81.36 million outflow on Wednesday, breaking a two-day streak of positive inflows. Of all spot Bitcoin ETFs, only two funds managed to secure relatively modest positive inflows on the day.
Banking giant Morgan Stanley announced a near-selloff of its Grayscale holdings while liquidating a total of $269.9 million worth of GBTC shares which it held in Q1 2024.
Grayscale ETHE saw a net outflow of $31 million, reversing the previous day’s breakeven flow, likely due to concerns over Grayscale’s ability to convert ETHE shares into real Ethereum.
According to the filing, Goldman Sachs holds substantial positions across seven different Bitcoin ETFs available in the U.S. market.
Bitnomial plans to launch margin-based, physically settled XRP/USD futures contracts, fueling speculation about a future spot XRP ETF.
Ethereum (ETH) is a huge beneficiary of the recent price correction. Beyond the $155 million in inflows last week, its year-to-date inflows have reached $862 million.
Presently, ETHA stands as one of the top six ETF launches of the year.
It is now a possibility that there is a postponement of the final deadline for a SEC decision.
While five of the eleven approved Bitcoin ETFs saw positive inflows running into the millions, the remaining products experienced mixed results.
NYSE American’s request follows Nasdaq’s proposal to the SEC, seeking approval for options trading on the BlackRock iShares Ethereum Trust (ETHA).
Despite recent inflows signaling renewed confidence in Bitcoin ETFs, Grayscale’s GBTC continues to struggle with significant outflows, highlighting ongoing investor hesitation.
Meanwhile, the crypto ETFs in the United States are showing good performance only that the last few days came with some level of turbulence.
The US-based spot Ethereum ETFs registered a total cash inflow of about $150 million led by BlackRock’s ETHA.
Mox is planning to introduce a “core portfolio” product later in 2024. With this, the bank aims to offer advanced trading solutions to retail investors, customized to individual customer financial goals.
Despite these outflows, the overall net asset value (NAV) of Bitcoin spot ETFs remains substantial at $51.47 billion.