Hefty inflow figure has been offset by nearly $6 billion in outflows from the Grayscale Bitcoin Trust.
• Bitcoin prices $BTC stabilized near $43,000 on Tuesday after a modest Monday drop threatened to pressure the token under the $42,000 mark. This year is off to a promising start for the volatile crypto space thanks to the Securities and Exchange Commission's approval of a bunch of new investment vehicles.
• A total of 11 spot Bitcoin exchange-traded funds were given the regulator's greenlight in early January. Now, the race is on as these trailblazing asset managers fight for a bigger portion of the ETF market. Collectively, these funds hold roughly 178,000 Bitcoin worth around $7.5 billion.
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• In the lead are BlackRock and Fidelity, which have cornered the market with 133,000 Bitcoin, or 75% of the whole distribution. In contrast, Grayscale Bitcoin Trust, which got converted from a closed-end fund into an ETF, has endured a $5.8 billion wave of withdrawals. Grayscale, however, sits on $20 billion in Bitcoin gathered before its conversion.
