Yesterday, only the Bitwise Bitcoin ETF experienced a net inflow among spot Bitcoin ETFs, while there was no net outflow in Grayscale’s Bitcoin Trust. This marked a significant movement in the market.
Bitwise Bitcoin ETF, which saw approximately $12 million in inflows, stood out among other Bitcoin ETFs that did not record any net inflows. This indicates the prominence of a particular ETF in the market.
Since Grayscale’s GBTC was converted into a spot Bitcoin ETF, it has generally experienced heavy outflows, suppressing inflows into other products. However, as of yesterday, there was no change in this situation. According to SoSo Value data, there were approximately $17 billion in net outflows.
Spot Bitcoin ETFs in the US have seen a cumulative net inflow of $11.77 billion since their listing. However, volumes have been steadily declining since reaching a peak in early March, signaling a shift in market dynamics.
There have been other significant developments in the sector related to crypto ETFs. Grayscale has withdrawn its proposal to list and trade shares of its Ethereum futures ETF, while the Securities and Exchange Commission has decided to delay its ruling on spot Ethereum ETFs.
Given this data, it is crucial to monitor the activity of crypto ETFs, especially Bitcoin ETFs, and the changes occurring in the market. Investors should assess the opportunities and risks arising from these dynamics. However, the current state of the cryptocurrency market remains a concern for investors.
In terms of prices, Bitcoin (BTC) is currently trading at $61,390, having fallen to $60,888 overnight. Ethereum is attempting to overcome the $3,000 resistance and is currently at $2,985.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
