Barry Silbert has announced that his Bitcoin Investment Trust went public on OTCQX exchange, thus becoming the first publicly traded bitcoin fund.
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.
With Bitcoin’s recent price surge, it can be inferred that Schiff’s post questioning the leading cryptocurrency’s safe haven status may have been premature.
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’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
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.
According to the Ripple CEO, Bitcoin ETF market and the network’s upcoming halving will spike the crypto market by 100% this year.
While the Bitcoin investment products registered strong inflows, the Ethereum products registered their fourht consecutive week of outflows.
The Bitcoin ETF market continues to see new competitors. Hashdex, a crypto asset management firm, announced its futures fund’s transformation into a spot product.