Key Points:
Read more: Best Bitcoin ETFs To Buy In 2024
Currently, GBTC maintains a $2.3 billion lead, but a potential surge in Bitcoin‘s value could affect this projection, with April 30 as a significant date to watch.
On the flip side, SoSoValue reported a substantial net outflow from spot Bitcoin ETFs yesterday, totaling $58.03 million. Notably, GBTC alone experienced a net outflow of $79.38 million in a single day, contributing to its historical net outflow of $16.46 billion.
Official data from Grayscale reveals that as of April 16, GBTC held 309,871.3833 BTC, with assets under management totaling $19,446,062,321.57 and circulating shares amounting to 347,880,100.
The BlackRock spot Bitcoin ETF stands out with a significant net inflow of approximately $25.78 million, marking it as the only spot Bitcoin ETF with consecutive inflows since its inception.
Despite recent concerns about low inflows into US spot Bitcoin ETFs, Bloomberg ETF analyst James Seyffart reassures that this is normal market behavior.
He emphasizes that most days witness zero flows into ETFs, and significant inflows or outflows only occur when there’s a substantial demand-supply imbalance, indicating a routine market dynamic rather than a failure of the product.
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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