According to Cointelegraph: Bitcoin's spot exchange-traded funds (ETFs) have outperformed expectations with trading volumes exceeding $10 billion within just three days of their launch in the United States, despite some ongoing concerns regarding their impact on Bitcoin price.
Data from Bloomberg Intelligence analyst, James Seyffart, indicates a milestone achievement for Bitcoin spot ETFs. These ETFs, with an exponentially high trading volume, overshadow the combined volume of 500 ETFs launched in 2023, according to fellow Bloomberg analyst, Eric Balchunas.
In terms of net inflows and outflows, the Grayscale Bitcoin Trust (GBTC), now an ETF, is observing sales, a development partly attributed to investors preferring other ETF options with lower fees. The biggest net gainer in the last three days has been BlackRock's iShares Bitcoin Trust (IBIT), experiencing an increase of $700 million.
GBTC, on the other hand, has suffered net outflows exceeding $1.1 billion. This rapid swapping between ETF products is seen by research and data analyst at CryptoSlate, James Van Straten, as a positive indication provided the trend continues for the first month of trading.
Samson Mow, CEO of JAN3, predicts a period of equilibrium following the recent shift. He expects Grayscale will eventually acknowledge the need to compete on the costs, bringing some stability to the ETF market.
However, Bitcoin's price has yet to reflect this enthusiasm for spot ETFs. Market watchers remain skeptical about a surge beyond the strong trading range established last December. Although some analysts are optimistic about the market's ability to hold the current value of $43,000, doubts remain about Bitcoin's capacity to avoid further downsizing.
