BTC ETF Gaining Momentum, Bloomberg Researcher Reports
Date: 2024-02-04 Author: Dima Zakharov Categories: BLOCKCHAIN
Bloomberg Intelligence's Eric Balchunas, a renowned ETF researcher, has provided an update on the Bitcoin fund market. In a recent post on social media platform X, he revealed some intriguing developments in this space. According to Balchunas, interest in spot BTC ETFs is gradually increasing.
Balchunas stated, "We can indeed see that 9 funds have reclaimed their positions after last week's dip, and inflows have exceeded outflows from GBTC for 6 consecutive days. This has resulted in a net inflow of over $700 million. Typically, after a highly promoted ETF launch, we witness a gradual decline. However, the current scenario is different. We have been observing substantial figures for 3 consecutive weeks."
Eric also shared statistics regarding the inflows and outflows of funds in spot BTC ETFs from the very first day of their launch. Notably, during the past week from January 29 to February 2, 2024, the results were indeed impressive. Daily net inflows amounted to $136.4 million, $247.1 million, $197.7 million, $38.5 million, and $80.1 million, respectively.
This occurred despite an outflow from GBTC exceeding $900 million over the last 5 days. BlackRock's IBIT product remained the market leader, attracting inflows of over $880 million.
Grayscale Investments, a cryptocurrency investment company, offers institutional and retail investors access to various digital assets through its products. One of Grayscale Investments' most well-known products was the Grayscale Bitcoin Trust (GBTC), which was converted into a spot BTC ETF by court decision.
As of February 3, 2024, the price of BTC stands at $43,125, with a market capitalization of $845.95 billion. Daily trading volumes have surpassed $20 billion.
