The action follows Osprey’s announcement in March of this year that it was contemplating a possible sale or merger with a bitcoin ETF, among other strategic moves. Osprey would have liquidated OBTC; otherwise, it had until Sept. 1, 2024, to finish the sale or merger.

“As part of this transaction, OBTC unitholders will receive shares of BITB as part of a liquidating distribution of OBTC. For existing BITB holders, there will be no changes to their shares or any changes to the operation of BITB,” Osprey Funds stated.

After Bitwise acquired the London-based crypto exchange-traded products issuer ETC Group on Aug. 19, BITB acquired OBTC. On Aug. 26, 2024, BITB attracted daily trading volume of $55.95 million. Bitwise’s fund keeps 4.69% of the whole spot Bitcoin ETF market share.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post BITwise BITB Acquires Osprey Bitcoin Trust appeared first on Coin Engineer.

Major Inflows and Trading Volumes

With $117.25 million, BlackRock’s IBIT, the biggest spot Bitcoin ETF by net asset value, saw the most net inflows of the day according to SoSo Value data. With a volume of $1.24 billion, the fund also ranked as the most traded Bitcoin ETF Monday. With net inflows of $117.19 million, Ark Invest and 21 Shares closely followed.

On Monday, Bitwise’s BITB showed $15.24 million worth of inflows while Fidelity’s Facebook TC saw net flows of $36.15 million. Net flows yesterday also reported by funds from VanEck, Invesco, Galaxy Digital, and Franklin Templeton.

On Monday Grayscale’s GBTC reported zero transactions as well as ETFs from Valkyrie, WisdomTree, and Hashdex.

Monday’s trading value on the U.S. spot Bitcoin funds came to $2.26 billion overall. While the volume on some days approached $8 billion, the trading activity in spot Bitcoin ETFs remained less than in March. Since their January inception, the ETFs have attracted $16.11 billion overall net inflow.

Bitcoin’s Legitimacy and Future Prospects

In a Monday CNBC interview, BlackRock co-founder and CEO Larry Fink declared that Bitcoin has evolved into a “legitimate financial instrument” therefore correcting his earlier dubious opinions on the cryptocurrency.

Spot Ether ETFs, which will probably debut on July 23, will create even more buzz in the crypto scene.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bitcoin ETFs See $301 Million Daily Net Inflow, Extending Positive Streak appeared first on Coin Engineer.