Join our Telegram channel to stay up to date on breaking news coverage
bitcoin spot ETFs in the US have reached an impressive milestone, surpassing $3 billion in net flows just one month after their launch. This achievement dwarfs the initial performance of gold ETFs, which were introduced two decades ago. Notably, this figure includes Grayscale's fund, which has seen capital outflows as long-term investors shift their focus to newer, more competitive options.
When grayscale is excluded, inflows approach a staggering $10 billion, according to data from BitMEX Research. According to a recent count, inflows into other bitcoin spot ETFs have exceeded $9.6 billion.
Bloomberg ETF analyst Eric Balchunas highlighted in a Twitter post that it took almost two years for the GLD ETF to attract the same amount of capital that bitcoin ETFs have raised in just 32 days.
The SPDR Gold Shares ETF (GLD), which debuted on November 18, 2004, quickly surpassed $1 billion in assets within three days of trading. However, after this initial surge, trading volumes dropped significantly and gold ETF holdings stabilized at just under ten million ounces for about a year.
Despite this, GLD is often credited with triggering a multi-year bull market for gold, whose price per ounce rose from $400 at launch to $1,800 in 2011 (with the current spot price around $2,000). Dollars).
By contrast, bitcoin has already hit a new two-year high above $50,000 since the introduction of its own ETFs, which have seen even greater capital inflows. Surprisingly, about half of these net inflows occurred in the last three days alone, averaging about $450 million per day. Monday alone saw $493 million in inflows, making it the third-strongest day in inflows since the ETFs' inception.
A major factor in the recent surge is the slowdown in outflows from the Grayscale bitcoin Trust (GBTC), the world's largest bitcoin fund. Many investors began selling their GBTC shares last month to close out a long-term arbitrage trade following Grayscale's conversion into an ETF.
Others likely sold their shares to switch to newer and significantly cheaper ETFs offered by BlackRock, Fidelity and others. These newer funds continue to attract investors, and are now approaching $10 billion in net flows when Grayscale is excluded, according to BitMEX Research.
bitcoin ETFs now hold over $30 billion in assets, equivalent to about 690,000 btc, making them the second-largest ETF commodity in the country. Gold remains the leader, with $90 billion in assets, including $54 billion within GLD alone, VettaFi reported.
Smog: the new Meme Solana currency on the horizon
Smog is the newest meme coin making waves in the Solana ecosystem. Following in the footsteps of notable predecessors like Honk, Bonk, Myro, and Dogwifhat, Smog is preparing to carve out a niche for itself in the meme coin field. The team behind Smog is betting on a massive airdrop to increase its visibility and attract a wider audience.
While the exact details of the airdrop remain secret, it is known that 35% of Smog's total supply is earmarked for these events. This positions the airfall as one of the most important in the world of cryptocurrencies.
Smog isn't just about airdrop; it's also about building a vibrant community. The project employs a unique Zealy campaign to encourage token ownership and engage early investors. These early backers will gain access to an exclusive group where they can participate in interactive missions on platforms like Discord or X, earning points along the way. This strategy aims to encourage active community participation and reward dedicated supporters.
The ultimate goal of these initiatives is to propel Smog to virality within the Solana meme coin ecosystem. With strong community support and an innovative staking strategy, Smog has the potential to be the next big thing in the crypto space, offering significant returns to its investors.
To stay up to date with Smog and its journey, visit the official website and explore the opportunity to become part of this exciting new company.
Related news
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
Join our Telegram channel to stay up to date on breaking news coverage
