On Wednesday, January 10, the US Securities and Exchange Commission (SEC) finally approved the launch of bitcoin spot ETFs, representing a notable event in US trading history.
So far, market data on these investment funds has confirmed theories of increased institutional demand for bitcoin, with over $800 million in total net inflows and $3.6 billion in trading volume recorded during the first two days. of negotiation.
Although these entries have not yet been reflected in The price of btc, as the leading cryptocurrency fell 2% in the last week, bitcoin spot ETFs certainly started with a bang which is indicative of potential gains for the world's largest asset and the crypto market in general.
bitcoin Spot ETFs Draw Over $1.4 Billion in Two Days – Bloomberg Data
in a x publication On January 13, Bloomberg ETF analyst Eric Balchunas shared some insights into the impressive performance of bitcoin spot ETFs in their first week of trading.
Balchunas noted that of the 11 approved spot btc ETFs, nine have recorded a total inflow of more than $1.4 billion. Leading the pack is BlackRock's IBIT, with an estimated asset inflow of $497.7 million, closely followed by Fidelity's FBTC, which has around $422.3 million in investments.
The Bitwise and ARK/21 Shares btc spot ETFs have also produced significantly positive performance, attracting $237.9 million and $105.2 million, respectively. On the other hand, Grayscale's GBTC has been the pariah of the market, recording an impressive outflow of $579 million during the first two days of trading.
<img decoding="async" class="alignnone size-large wp-image-569453" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Spot-ETFs-Record-Over-800-Million-in-Net-Inflows.png" alt="bitcoin Spot ETF” width=”860″ height=”301″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/01/GDuLtOLXsAE_zHe.png?w=973 973w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDuLtOLXsAE_zHe.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDuLtOLXsAE_zHe.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Spot-ETFs-Record-Over-800-Million-in-Net-Inflows.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDuLtOLXsAE_zHe.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” loading=”lazy” data-recalc-dims=”1″/>
Source: Bloomberg
Following the SEC's approval on Wednesday, investors got a lot out of GBTC, which recently converted from a closed-end fund to a spot ETF. SkyBridge Capital founder Anthony Scaramucci has bitcoin-decline” target=”_blank” rel=”nofollow”>already mentioned about this trend and describes it as one of the possible reasons behind bitcoin's fall in the last week.
In total, the bitcoin ETF spot market recorded an impressive net inflow of $818.9 million in its first week of trading. These numbers are likely to improve in the coming weeks as sales volume eventually declines. Meanwhile, investors are still anticipating the debut of Hashdex's spot ETF, DEFI, which is in the process of converting funds from the company's bitcoin futures ETF.
btc Price Overview
At the time of writing, bitcoin is trading at $42,980, reflecting a 0.73% loss over the past day. Meanwhile, the token's daily trading volume has plummeted by 62.33% and is now valued at $16.9 billion. However, with a market capitalization of $842.23 billion, bitcoin remains the largest cryptocurrency in the world.
<img loading="lazy" decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Spot-ETFs-Record-Over-800-Million-in-Net-Inflows" alt="detect bitcoin ETF” width=”1479″ height=”893″/>
btc trading at $42,916.07 on the daily chart | Source: BTCUSDT chart on Tradingview.com
faithImage captured from Yahoo Finance, chart from Tradingview.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
