BlackRock's iShares Bitcoin Trust Archives - Coin Engineer

Bitcoin ETFs See $143M Inflows Despite Price Drop

Tanju Akbıyık — Mon, 08 Jul 2024 17:00:48 +0000

Though bitcoin’s price dropped from its peak above $73,000 in March to as low as $54,000 in recent days, down almost 25%, spot bitcoin ETFs saw their best day of inflows for a month on July 5, gaining $143 million overall.

With almost 80% of the four out of the eleven largest bitcoin ETFs‘ inflows coming to Fidelity’s FBTC fund, their total value at present prices comes to almost $172 million.

While Grayscale’s GBTC witnessed 500 BTC of outflow, worth roughly $29 million, the ETF offerings from Bitwise (BITB), Ark 21Shares (ARKB), and VanEck (HODL) attracted the remainder of the inflows, according to Coinglass statistics. The other ETFs changed not much.

Although early June saw major inflows to the ETFs, with $1.7 billion in inflows over just four days, June 4 to June 7, the net inflow figure is the largest single-day total since June 6. Though June 10, the following trading day, witnessed $65 million in outflows from the funds, June 7 represented a record-breaking 18-day streak of net inflows.

Though BlackRock’s fund saw no significant inflows or withdrawals on July 5, The Block’s Data Dashboard shows BlackRock’s iShares Bitcoin Trust (IBIT) still ranks highest among ETFs with over $17 billion in AUM. Notwithstanding the Mt. Goxin sell-off, the ETF inflows could show some consumer optimism regarding the price of bitcoin.

“The future of Bitcoin looks to be really bright. This week is a chance for people who lack exposure to purchase the dip,” Bitwise CEO Hunter Horsley said on X.

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 $143M Inflows Despite Price Drop appeared first on Coin Engineer.

Grayscale GBTC ETF Records Third Consecutive Double-digit Low Outflow

admin — Fri, 05 Apr 2024 16:00:41 +0000

Bitcoin exchange-traded funds (ETFs) continued their positive trajectory on April 4th, recording a collective net inflow of $106.8 million. This marks the third consecutive day of net inflows, extending the positive trend that has seen inflows on seven out of the last eight trading days.

Grayscale GBTC Sees Outflow, Newer Funds Shine

However, the picture isn’t entirely rosy. Farside data reveals that the Grayscale Bitcoin Trust (GBTC) experienced its third consecutive double-digit outflow, this time amounting to $79.3 million. This pushes its total net outflow to -$15,306.4 billion.

Despite this, newer Bitcoin ETFs are attracting significant inflows. BlackRock’s iShares Bitcoin Trust (IBIT) registered a robust net inflow of $144.0 million, bringing its total net inflow to a positive $14,460.3 billion.

First Inflow for ARKB, Strong Day for HODL

Ark Invest’s ARKB ETF also recorded its first net inflow since March 28th, adding $12.0 million to its total net inflow of $2,233.5 billion. Similarly, VanEck’s HODL ETF witnessed its strongest net inflow since March 28th, with $15.5 million in new investments. This brings its total net inflow to $461.7 million.

Overall Positive Trend for Bitcoin ETFs

Despite the outflow from Grayscale, the combined net inflow across all Bitcoin ETFs now stands at a positive $12,303.6 billion. This data reflects the continued positive momentum in the digital asset market, with investor interest shifting towards newer Bitcoin ETF offerings.

The post Grayscale GBTC ETF Records Third Consecutive Double-digit Low Outflow appeared first on Coin Engineer.