๐ฐ $1.4B Inflows Into Spot Bitcoin ETF After First Two Trading Sessions๐๐
In a remarkable debut, Spot Bitcoin exchange-traded funds (ETFs) launched last Thursday, and the response has been nothing short of extraordinary! ๐๐ก Within just two trading sessions, these ETFs have attracted a whopping $1.4 billion in total inflows, signaling a strong endorsement from investors.
๐ Key Highlights:
๐ Rapid Adoption and Trading Frenzy:
Total inflows into Spot Bitcoin ETFs hit $1.4 billion, with an impressive 500,000 trades in the first two days.
Trading volumes soared to around $3.6 billion, underscoring the robust demand and enthusiasm in the market.
๐ Grayscale's Shift and Net Inflows:
Grayscale's ETF, the Grayscale Bitcoin Trust (GBTC), saw an outflow of $579 million during the period.
Adjusting for GBTC outflows, the net total inflows across all spot Bitcoin ETFs amounted to a substantial $819 million.
๐ Reasons Behind GBTC Outflows:
GBTC outflows are linked to holders converting their shares after the U.S. SEC's approval of the ETF through a ruling change.
Some GBTC holders are switching to lower-fee options offered by other fund managers, such as BlackRock charging 0.25% compared to Grayscale's 1.50%.
๐ฆ Top Performers Among Spot Bitcoin ETFs:
BlackRock's iShares Bitcoin Trust led the pack with $497.7 million in total flows.
Fidelity Advantage Bitcoin ETF followed closely with $422.3 million, and Bitwise secured $237.9 million.
As Spot Bitcoin ETFs reshape the crypto landscape, it's crucial to stay informed! For the latest updates and insights, follow The Blockopedia.
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