Key Points:
Fidelity’s FBTC also ranks among the top seven, while ARK 21Shares Bitcoin ETF and Bitwise’s spot Bitcoin ETF claim spots within the top 25.
However, despite the notable ascent of these newly launched spot Bitcoin ETFs, they are collectively experiencing negative flows for the first time since their inception on Jan. 11. This trend emerges as investments in funds like BlackRock’s IBIT and Fidelity’s FBTC struggle to match the outflows from Grayscale’s GBTC.
Read more: Bitcoin Spot ETF Explained: All Things You Need To Know!
BlackRock spot Bitcoin ETF, accumulating Bitcoin to support its ETF, now boasts a notional value surpassing $2 billion, backed by over 49,950 bitcoins. Amidst a 3.7% surge in Bitcoin prices, reaching approximately $41,600, the value of BlackRock spot Bitcoin ETF’s holdings exceeds $2.08 billion.
IBIT stands as a significant avenue for traditional investors seeking exposure to Bitcoin, signaling a potential precursor to a forthcoming crypto bull run and heightened Wall Street interest in the asset class.
The launch of spot Bitcoin ETFs has drawn keen attention from crypto investors following regulatory approvals earlier this month. Despite robust trading volumes and inflows into most products, the exodus from Grayscale’s GBTC has dampened overall inflows and contributed to subdued performance across the board.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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