A week of firsts in Bitcoin ETFs: Are things turning around?
The cryptocurrency market, especially Bitcoin and Ether, is leaving behind a very turbulent week. While red colors dominate cryptocurrencies until the middle of the week when the Fed's interest rate decision is announced, the market is trying to heal its wounds during the holidays.
The firsts that took place in spot Bitcoin exchange-traded funds (ETF) in the first days of May had a great impact. While the first outflow was seen in BlackRock's IBIT fund on May 1, 2024, the opposite movement was observed in Grayscale Bitcoin Trust (GBTC), which has been selling for months, on Friday.
According to data from market tracker Farside Investors, GBTC interestingly became the second BTC fund that received the most investments on Friday, May 3.
According to data, spot BTC funds listed in the US received $378 million in investments on May 3, after seven days of negative flows. 63 million dollars of this figure went to GBTC.
On the last business day of the week, BlackRock's IBIT was weak compared to its competitors at $12.7 million. The product that saw the biggest movement was Fidelity's (FBTC) coded Bitcoin investment fund with $102.6 million.
While daily movements exceeding 30 million dollars were seen in spot funds coded ARKB, BTCO, EZBC and BRRR, only 12 million dollars of daily movement in IBIT attracted attention.
Latest situation in Bitcoin
The cryptocurrency with the largest market value significantly compensated for its weekly loss on Friday and Saturday. BTC increased by 8.7 percent in the last 24 hours.
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