BlackRock and ProShares’ Bitcoin ETFs Surpassed GBTC’s Daily Volumes
GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January.
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GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January.
The 10 spot bitcoin ETFs on Monday experienced their first net inflows in one week, helping to send the price of bitcoin to its highest level since the day after the funds began trading.
The BlackRock iShares Bitcoin ETF (IBIT) on Friday became the first of the recently launched spot bitcoin products to reach $2 billion in assets under-management (AUM).
The group of recently launched spot bitcoin exchange-traded funds (ETFs) are seeing combined negative flows for the first time since they opened for trade on Jan. 11 as money moving into funds like BlackRock’s IBIT and Fidelity’s FBTC has failed to keep pace with the exits from Grayscale’s GBTC.
The U.S. Securities and Exchange Commission delayed an application by Grayscale Investments to convert its Ethereum trust product into an exchange-traded fund (ETF), a day after pushing back a decision on an application from BlackRock to launch an ether ETF.
Around $1.3 billion has shifted from GBTC to new spot bitcoin ETFs, equivalent to a monthly outflow of about $3 billion per month, the bank said in a report.
The days of rising crypto prices lifting all boats, including mining stocks, may be gone. But it still looks like being a good year for digital assets, says Alex Tapscott.
Outflows from the Grayscale Bitcoin Trust have topped $1 billion per day this week.
Experts said newcomers in the bitcoin investing game could be enticed by Grayscale, the incumbent with a huge lead.
Flows of fresh investor money into the newly approved spot bitcoin ETFs may be far higher than previously thought.