This week’s flows into the combined U.S. 2.25% exchange-traded funds turned positive on Wednesday, eclipsing the net outflows witnessed on Monday. Wednesday’s $113.5 million worth of net inflows, following the $40.3 million added on Tuesday, were enough to surpass the $87.5 million in net outflows registered on Monday, according to CoinGlass data. Bitwise’s BITB product came third on Wednesday with inflows of $23 million, with the remaining ETFs adding less than $4 million each. Total net inflows currently stand at $12.2 billion. Fidelity’s FBTC is now approaching 150,000 BTC ($10 billion) under management. Fidelity’s FBTC spot Bitcoin ETF led yesterday’s inflows, adding $116.7 million, with BlackRock’s usually dominant IBIT fund second, bringing in $42 million.

BlackRock’s IBIT leads among the newborn spot Bitcoin ETFs with over 256,000 BTC ($17 billion). “Equity mutual funds have seen $3.5 trillion of outflows in the past 10 years yet their assets have jumped by $6 trillion to reach $14 trillion because stocks are up 280% in that time,” Bloomberg ETF analyst Eric Balchunas said. GBTC’s current 1.5% fee compares to 0.25% for FBTC and IBIT. Outflows of $302.6 million for GBTC on Monday significantly contributed to the total net outflow registered by the spot Bitcoin ETFs combined that day. Meanwhile, Grayscale’s converted GBTC fund has fallen 47% from around 619,000 BTC to 328,000 BTC ($22 billion), per CoinGlass.

“Honestly higher than I expected,” fellow Bloomberg ETF analyst James Seyffart wrote at the time. However, markets were closed on Good Friday, which could have impacted Monday’s figure, and GBTC’s outflows subsequently slowed to $81.9 million on Tuesday and then $75.1 million yesterday. The outflows from Grayscale’s higher-fee GBTC fund peaked at $642.5 million on March 18, consistently averaging around $300 million per day until Tuesday’s drop below $100 million. Earlier this month, a Coinbase report suggested that Genesis Global Holdco LLC’s potential sale of 35.9 million GBTC shares, valued at around $2 billion, might have caused recent GBTC selling pressure.

Total volume now stands at $190 billion. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. The largest cryptocurrency by market cap traded flat over the past 24 hours. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Foresight Ventures invests in other companies in the crypto space. 2023 The Block. All Rights Reserved. As of November 2023, Foresight Ventures is a majority investor of The Block. Disclaimer: The Block is an independent media outlet that delivers news – https://www.pipihosa.com/2023/11/22/binance-processes-nearly-1b-in-net-outflows-as-changpeng-cz-zhao-resigns/ – , research, and data. Crypto exchange Bitget is an anchor LP for Foresight Ventures. Bitcoin’s price has dropped 6% over the past week but remains 57% up year-to-date. Bitcoin is currently trading at $66,234, according to The Block’s price page. This article is provided for informational purposes only. Here are our current financial disclosures.

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