Grayscale Sees $2.2B Outflows In ETF Transition
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In just the first five days of trading, the new spot Bitcoin ETF marketplace in the US has attracted nearly $1.2 billion in total net inflow.
BitMEX Research data shows that BlackRock and Fidelity are now part of a special group where the inflows are more than $1 billion, showing that a lot of investors are very interested in these products. This achievement in the early days suggests that there’s significant interest in the spot Bitcoin ETF market in the United States.
Bitwise Received $395.5 Million As Inflows From Investors
Bitwise is the third most popular investment choice, receiving $395.5 million from investors. Ark Invest/21Shares ranks second on the list attracting over $320.9 million, while Invesco, came third bringing in $194.9 million.
In total, approximately $3.4 billion was invested in ten out of eleven ETFs. unfortunately, Grayscale, a different investment option, lost a huge amount of money – $2.2 billion. The other funds had lesser amounts of money coming in, each less than $100 million.
While most of the eleven ETF products saw a good amount of money coming in, there was a huge loss of $131.6 million in the spot bitcoin ETFs yesterday.
The primary reason for this loss was money being withdrawn from Grayscale’s converted fund, and the money coming into other funds couldn’t make up for it. So, overall, more money left the spot bitcoin ETFs than came in.
On the 19th of this month, Fidelity’s FBTC and BlackRock’s IBIT were the top gainers, pulling in $177.9 million and $145.6 million, respectively. Invesco’s BTCO had the third-highest inflows at $59 million, while Bitwise (BITB) and Ark Invest/21Shares (ARKB) followed with $41.8 million and $20.1 million in inflows.
Grayscale Fidelity Still Leads The Asset Management Market
Throughout last week, the spot bitcoin ETF market saw changes in money coming in and going out. There was a positive turn, with a net inflow of $474 million. This is different from Tuesday when there were more outflows, and the fifth day had the biggest outflow.
Fidelity, BlackRock, and Grayscale are still at the front in terms of how much trading they do and the assets they manage. Together, these ETFs added up to a big trading volume, almost hitting $14 billion altogether.
Just on Thursday last week, Grayscale’s GBTC made up almost $1.1 billion of that trading volume, and Fidelity’s FBTC and BlackRock’s IBIT had volumes of $416 million and $367 million, respectively.
In the 2nd week of the month, the U.S. Securities and Exchange Commission (SEC) approved almost twelve ETFs following the world’s largest cryptocurrency signifies a significant change, especially considering years of regulatory uncertainties.
