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Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice
Surpassing Grayscale Investments‘ similar ETF in trading volumes for the first time since the launch of U.S. spot Bitcoin funds on January 11, BlackRock’s success marks a turning point. Grayscale’s Bitcoin Trust ETF (GBTC) initially led in trading volumes during the first three weeks of trading for these products in the U.S.
Earlier this week, it appeared that BlackRock and Fidelity’s spot Bitcoin ETFs would overtake Grayscale’s converted fund on Tuesday as they approached GBTC’s daily trading volume. The dominance of GBTC, a converted version of Grayscale’s existing Bitcoin Trust, is notable given significant outflows exceeding $5.8 billion since the January 11 launch. In contrast, the nine new ETFs attracted a combined $7.2 billion in inflows.
BlackRock spot Bitcoin ETF took the lead in inflows on Thursday, contributing $169.9 million to the fund, with FBTC closely following at $35.8 million in inflows. GBTC, however, experienced $182 million in outflows, the lowest since January 11.
This shift in dynamics signifies a changing landscape, with BlackRock’s ETF gaining traction and Grayscale facing outflows. Notably, Grayscale has dominated trading volumes among Bitcoin ETFs since January.
The net inflows of $38.5 million on Thursday marked the fifth consecutive day of positive inflows, reflecting a growing interest in these investment products. BitMEX Research data reveals total net inflows reaching approximately $1.4 billion after 15 days of trading, highlighting the evolving preferences of investors in the cryptocurrency market.
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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