$1,291,000,000 flows into spot Bitcoin ETFs in less than a week of trading after historic approval: BitMEX
The research arm of cryptocurrency exchange BitMEX notes that more than $1.2 billion flowed into Bitcoin (BTC) exchange-traded funds (ETFs) just days after launch.
According to BitMEX, after four trading days, $1.29 billion flowed into the various new ETF products, with BlackRock's ETF receiving the majority of the funding.
“Bitcoin spot ETFs update chart for day four: Here is the big picture of the ETFs after four days of trading.
Net inflow of $1.291 billion into the spot ETF products.
BlackRock, Fidelity and Bitwise are leading the race.”
Source: BitMEX/X
Arthur Cheong, founder and CEO of DeFiance Capital, calls BlackRock's ETF debut a success based on funding data.
“BlackRock’s Spot Bitcoin ETF reached $1 billion in assets under management (AUM) in less than five trading days. On the fourth day alone, $932 million was received. Grayscale is expected to see an outflow of $500 million, or about $400 million net. A very successful start in every respect.”
To spread the word, BlackRock released a commercial for its ETF following the approval.
According to BitMEX, Grayscale outflows total $1.6 billion after shares of the Grayscale Bitcoin Trust (GBTC) were converted from a trust to an exchange-traded fund.
“Bitcoin Spot ETFs Day Four Update: Day Four GBTC Flow Numbers Now Released. On the fourth day, $458 million outflowed and the total GBTC outflow was $1.6 billion. All data for day four is now available.”
Some analysts believe that GBTC holders booked losses on their shares to hold onto ETFs with lower fees.
The US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs on January 10, creating a monetary pipeline between Wall Street and Bitcoin.
Bitcoin is trading at $41,223 at the time of writing, down more than 3% in the last 24 hours.
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