
Spot Bitcoin ETFs Sees $287M in Net Outflows, Largest in 4 Months
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
So far in 2024, US spot Bitcoin ETFs have had $17.95 billion flow into them.
While five of the eleven approved Bitcoin ETFs saw positive inflows running into the millions, the remaining products experienced mixed results.
Although the intakes are currently happening at a much slower rate than before, these ETFs have still impressed so far.
Most of the Ether ETF issuers are removing the staking feature from their application as having it would conflict with the SEC’s securities laws.
Grayscale’s Bitcoin Investment Trust (GBTC) witnessed the first net inflow of $4.64 million since its conversion in January after it had experienced huge net outflows.
Despite Grayscale GBTC holding the largest BTC reserves, the BlackRock Bitcoin ETF IBIT remains the top choice of institutions.
Despite these recent outflows, the accumulated total net inflows for the US-listed spot BTC ETF products stand at nearly $60 billion.
Fortunately for VanEck, its decision to crash management fees to 0% until next year attracted record inflow for the company.
CoinShares is already integrating Valkyrie into its ecosystem. Both teams are working together to ensure a smooth transition and maintain the high quality of currently existing product offerings.
The Valkyrie Bitcoin Fund (BRRR) is the first spot BTC ETF to have two custodians including Coinbase and BitGo in a bid to ensure optimal security and higher competitiveness.
According to data from BitMEX Research, GBTC witnessed a decrease in outflows, with $394.1 million on January 25, down from $429.3 million on Wednesday and $515.3 million on Tuesday.
Being the third lowest performer by trading volume among the 11 spot Bitcoin ETFs that debuted on Thursday, Valkyrie’s spot Bitcoin ETF garnered just under $9 million in trading volume during the day.
Coinbase could win big if the SEC approves spot Bitcoin ETF as the exchange is responsible for custody on most of the pending proposals.
According to the Valkyrie exec, the possibility of an ETH or XRP spot ETF is much higher especially since spot Bitcoin ETFs are likely to be approved.