Nearly $10 billion was traded in spot Bitcoin ETFs in the first three days since their launch last week.
On January 17, Bloomberg ETF analyst James Seyffart published the updated figures with a volume of $9.7 billion.
In addition, Grayscale has the lion's share of it with 52% or $5.1 billion in trading volume.
Increase in ETF trading
However, it is not just capital inflows as many investors switched strategies. Some have sold GBTC to switch to alternatives with better fees, and others have switched from futures-based funds to a spot-based product.
According to data from CC15Capital published on January 17, Grayscale's Bitcoin Trust saw an outflow of 11,188 BTC.
Additionally, the total number of BTC held was 34,589, which is worth an estimated $1.48 billion at current prices.
“Today is likely to be a net outflow day for the Bitcoin ETFs,” said Seyffart, who added:
“It is estimated that approximately $594 million left GBTC, for a total outflow of $1.173 billion. Most others have seen inflows, but doubt these will be enough to offset nearly $600 million from GBTC.”
BitMEX Research has published its numbers, which include inflows for each fund. On its third day of trading, Bitwise (BITB) recorded an inflow of $17.3 million, it said.
Crypto podcaster “MartyParty” observed that BlackRock removed 11,500 BTC from Coinbase on January 14 and just returned it, and asked the question:
“Could this be used to create artificial scarcity? That’s half a billion out and half a billion back in.”
Latest ETF news
On January 17, senior ETF analyst Eric Balchunas reported that ProShares had just filed for a series of leveraged spot Bitcoin ETFs. “You could have up to a dozen of these on the market in a few months,” he added.
The company's five new leveraged fund applications included ones dedicated to shorting Bitcoin. The ProShares UltraShort Bitcoin ETF (-2x), ShortPlus Bitcoin ETF (-1.5x), and Short Bitcoin ETF (-1x) all offer speculators the opportunity to sell the asset with leverage.
In addition, ProShares Plus Bitcoin ETF (+1.5x) and ProShares Ultra Bitcoin ETF (+2x) were registered.
Meanwhile, on Jan. 17, Fidelity Digital Assets fielded a question about whether it was likely or possible for a competitor to replace Bitcoin. “Although technically possible, we consider it unlikely,” it said, adding:
“For one thing, Bitcoin’s open source software can be copied, but its community and network effects cannot.”
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