Tag: GBTC

The recent rally in Bitcoin Exchange-Traded Funds (ETFs) has ignited a resurgence in the digital asset investment arena, instilling confidence within the crypto community. James Butterfill, CoinShares’ Head of Research, notes a significant milestone as Bitcoin ETFs attracted an impressive inflow of $862 million last week, marking a notable turnaround.

The total inflows into the nine spot Bitcoin ETFs established in the United States appear to be drying up quickly, with net inflows of $150 million or less over the previous several days. On the other side, outflows from the Grayscale Bitcoin ETF GBTC have increased once more.

As Bitcoin achieves fresh record highs against the dollar, Grayscale’s GBTC remains resilient, with its assets under management holding steady at $28.4 billion. Despite experiencing significant outflows totaling $9.2 billion since its conversion to a spot Bitcoin exchange-traded fund, Grayscale’s AUM remains largely unaffected. Analysts attribute this resilience to the recent surge in Bitcoin’s price, which has offset the fund’s outflows. Grayscale’s approach to management fees, though contentious, is proving to be a savvy business move amidst the ongoing market dynamics.

The Fidelity Bitcoin Spot ETF (FBTC) has ascended to become the world’s third-largest Bitcoin ETF in terms of assets under management (AUM). This news broke courtesy of Vetle Lunde, senior analyst at K33 Research, whose post on the X platform paints a comprehensive picture of the state of Bitcoin spot ETFs in the United States.

Grayscale, the world’s largest digital asset manager, has witnessed a significant outflow of Bitcoin (BTC) since the debut of its spot Bitcoin ETF, GBTC, on January 11, 2024. According to blockchain analytics firm Arkham Intelligence, nearly 113,000 BTC have been shifted from Grayscale wallets, primarily to Coinbase Prime, suggesting potential preparation for large-scale selling. This comes amidst declining GBTC trading volume, raising questions about a potential exhaustion of the recent sell-off.

The landscape of Bitcoin spot ETFs witnessed a dramatic day on January 24th, with the highest single-day total net outflow to date reaching $159 million. Leading the charge was Grayscale Bitcoin Trust (GBTC), which alone experienced a staggering $429 million net outflow. However, this massive movement was balanced by inflows totaling $270 million to other spot ETFs outside of Grayscale, highlighting the evolving dynamics within the market.

Grayscale, the world’s largest Bitcoin investment trust, has executed another significant transfer of its holdings, further fueling concerns about potential outflows from the Grayscale Bitcoin Trust (GBTC). According to blockchain analytics firm Arkham Intelligence, Grayscale moved 17,140 Bitcoin (BTC) to Coinbase Prime Deposit on January 24th, UTC+8, at approximately 10:17 PM PST.

A recent tweet by a crypto analyst has stirred controversy within the bitcoin community, accusing Binance, the world’s largest cryptocurrency exchange, of being a key contributor to the recent downturn in bitcoin’s value. The tweet suggests that Binance has sold over $5 billion worth of bitcoin since the start of the year, ostensibly to cover a substantial fine imposed by US authorities. The tweet, supported by a chart detailing bitcoin’s price and daily net outflows from Binance, Grayscale Bitcoin Trust (GBTC), and the US market, has sparked a lively debate.

In the dynamic landscape of cryptocurrency investments, Grayscale’s Bitcoin ETF (GBTC) is undergoing a transformative shift, evolving from a closed-end fund to a spot ETF. The initial five days of trading in this new form have witnessed substantial outflows, totaling an estimated $2.2 billion. This exodus is primarily influenced by two key factors affecting investor decisions.

The rise of US Bitcoin ETFs reaches new heights as they take silver’s crown to become the second-largest single commodity ETF. Spot BTC ETFs soar past silver with a $27.5 billion AUM, representing 647,651 BTC. Meanwhile, the “Newborn Nine” defy convention with a 34% volume surge, hinting at a shift in investor preferences.