Four Bitcoin spot ETFs – iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB) – have recorded remarkable consistency, attracting inflows for all of their first 14 trading days. This stands in stark contrast to the Grayscale Bitcoin Trust (GBTC), which has experienced daily outflows since its conversion into an ETF.
According to a news article, Grayscale’s Bitcoin spot ETF GTC had a net outflow of $394 million on January 25, with a single-day trading volume of $502 million . Net outflows slowed slightly over 3 trading days ($429 million on January 24, $515 million on January 23, and $640 million on January 22) . Grayscale ETF’s cumulative net outflows have reached US$4.079 billion, and it still holds US$20.028 billion in net assets .
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 SEC will have to investigate itself for possible market manipulation after its X account was hacked and posted a false announcement that it had approved spot bitcoin ETFs. The crypto market reacted with volatility to the fake news and the subsequent denial by the SEC chair. The regulator is expected to make a decision on the first batch of spot bitcoin ETF applications by Wednesday.
The SEC is expected to rule on the first batch of applications for spot bitcoin ETFs this week, amid growing anticipation from the crypto industry and investors. Former SEC chair Jay Clayton said on CNBC that there is nothing left to decide and that approval is a big step for finance.
The U.S. Securities and Exchange Commission is expected to rule on eight applications for Bitcoin spot exchange-traded funds by January 11, 2024. The applicants include some of the biggest names in the ETF industry, such as BlackRock, Fidelity, and Invesco.
Gary Gensler, the head of the U.S. Securities and Exchange Commission, tweeted a cautionary message to crypto investors, reminding them of the legal uncertainties and potential scams in the crypto market. His tweet came as the crypto community is eagerly anticipating the approval of a spot bitcoin ETF by the SEC.
A TechCrunch reporter tweeted that the SEC may approve multiple spot Bitcoin ETFs as soon as tomorrow, according to sources close to the matter. This would be a significant development for the crypto industry and the Bitcoin price.
Traders on Polymarket are betting big on the SEC approving a Bitcoin spot ETF before January 15, 2024, with the contract price implying a 89% probability.