{"id":10298,"date":"2024-01-23T11:07:48","date_gmt":"2024-01-23T11:07:48","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10298"},"modified":"2024-01-23T11:09:30","modified_gmt":"2024-01-23T11:09:30","slug":"the-bitcoin-etf-approval-a-much-debated-topic","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/the-bitcoin-etf-approval-a-much-debated-topic\/","title":{"rendered":"The Bitcoin ETF Approval: A Much Debated Topic"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:143\">The Bitcoin ETF approval has fallen short of expectations for the 7th consecutive trading day. A total of $76 million in outflows occurred.<\/p>\n<blockquote>\n<p data-sourcepos=\"3:1-3:143\">You might like: <a href=\"https:\/\/coinengineer.net\/blog\/ftx-files-to-remove-dubai-unit-from-bankruptcy-proceedings\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong><em>FTX Files to Remove Dubai Unit from Bankruptcy Proceedings<\/em><\/strong><\/span><\/a><\/p>\n<\/blockquote>\n<p data-sourcepos=\"5:1-5:272\"><strong>Bloomberg<\/strong> ETF analyst James Seyffart said, &#8220;Despite the &#8216;unrelenting&#8217; outflows from Grayscale, the outlook for spot Bitcoin ETFs remains positive. In total, there are over <strong>$1.1 billion<\/strong> in net inflows. According to data analysis, <strong>$76 million<\/strong> in asset outflows occurred.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Update: BlackRock&#39;s numbers are in for the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF Cointucky derby. Third biggest inflow day for <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IBIT<\/a> yet at $272 million. Only -$76 million in net outflows for the day. <a href=\"https:\/\/t.co\/ySE0edbz4c\">https:\/\/t.co\/ySE0edbz4c<\/a> <a href=\"https:\/\/t.co\/RzgH6qn5Md\">pic.twitter.com\/RzgH6qn5Md<\/a><\/p>\n<p>&mdash; James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1749655808638419361?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-sourcepos=\"7:1-7:313\">In a post on his Twitter account on January 23, James Seyffart wrote, &#8220;Overall, it was a &#8216;bad day&#8217; for Bitcoin ETFs at the Cointucky Derby. Today $640 million flowed out. Outflows are not slowing down; they are accelerating. This is the largest outflow ever for GBTC. Total outflows so far are $3.45 billion.&#8221;<\/p>\n<p data-sourcepos=\"9:1-9:507\">In an interview with Cointelegraph, Seyffart said,<\/p>\n<blockquote>\n<p data-sourcepos=\"9:1-9:507\"><em> &#8220;In general, flows into Bitcoin ETFs are moving in a positive direction, with BlackRock experiencing its third-largest positive flow day ever and seeing a total of $272 million in inflows per day. On a net basis, even after accounting for GBTC outflows, we have seen over $1.1 billion in inflows into spot Bitcoin ETFs. While I acknowledge that outflows from GBTC appear &#8216;unrelenting,&#8217; I expect the GBTC-led decline to subside over the next two weeks.&#8221;<\/em><\/p>\n<\/blockquote>\n<h2 data-sourcepos=\"11:1-11:19\"><span style=\"font-size: 75%;\">Converted GBTCs (Bitcoin ETF)<\/span><\/h2>\n<p data-sourcepos=\"13:1-13:139\">Grayscale, which converted its <strong>GBTCs<\/strong>, believes that most of the outflows from this fund are related to large sales from the FTX estate.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Since <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> conversion to <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinETF<\/a> investors have sold &gt; $2 Billion<\/p>\n<p>FTX bankruptcy liquidation has led to &gt; $1 Billion in selling <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>GBTC discount to NAV arbitrage trade led to &gt; $1 Billion selling to lock in profits.<\/p>\n<p>All of that selling in a relatively short time and\u2026 <a href=\"https:\/\/t.co\/e0I0ms3y3D\">pic.twitter.com\/e0I0ms3y3D<\/a><\/p>\n<p>&mdash; CJK (@CJKonstantinos) <a href=\"https:\/\/twitter.com\/CJKonstantinos\/status\/1749498408476258552?ref_src=twsrc%5Etfw\">January 22, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-sourcepos=\"15:1-15:237\">According to a report prepared on January 22, the FTX estate had sold about two-thirds of its <strong>22.8 million<\/strong> GBTC shares as of January 22. It is estimated that the sale of the shares accounted for about $600 million of the total sales.<\/p>\n<p data-sourcepos=\"17:1-17:44\"><strong>How Is This Situation Affecting Bitcoin?<\/strong><\/p>\n<p data-sourcepos=\"19:1-19:128\">Since the approval of the Bitcoin ETF, Bitcoin has reached <strong>49,100 dollars<\/strong> at the time of approval, but then a decline began.<\/p>\n<p data-sourcepos=\"21:1-21:279\">In particular, this downward movement for Bitcoin occurred in the midst of a sudden and sharp decline in open positions for Bitcoin futures on the Chicago Mercantile Exchange (CME). This shows that institutional investors are less eager to gain leveraged exposure to Bitcoin.<\/p>\n<p data-sourcepos=\"23:1-23:151\">According to data from CoinGlass, open positions to <strong>CME<\/strong> fell to <strong>$4.4 billion<\/strong> from almost a record <strong>$6.4 billion<\/strong> when it was published on January 12.<\/p>\n<hr \/>\n<div id=\"chat-history\" class=\"chat-history-scroll-container ng-tns-c1304298479-2 ng-trigger ng-trigger-resetChat show-bottom-shadow\">\n<div class=\"conversation-container ng-tns-c1304298479-2 visd-patch ng-star-inserted\">\n<div class=\"ng-tns-c3288265132-24\">\n<div class=\"response-container ng-tns-c3311575876-25 response-container-has-multiple-responses\">\n<div class=\"presented-response-container ng-tns-c3311575876-25\">\n<div class=\"response-container-content ng-tns-c3311575876-25\">\n<div class=\"response-content ng-trigger ng-trigger-responsePopulation ng-tns-c3311575876-25 ng-animate-disabled\">\n<div class=\"markdown markdown-main-panel\" dir=\"ltr\">\n<p><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin ETF approval has fallen short of expectations for the 7th consecutive trading day. A total of $76 million in outflows occurred. You might like: FTX Files to Remove Dubai Unit from Bankruptcy Proceedings Bloomberg ETF analyst James Seyffart said, &#8220;Despite the &#8216;unrelenting&#8217; outflows from Grayscale, the outlook for spot Bitcoin ETFs remains positive.<\/p>\n","protected":false},"author":1,"featured_media":10299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[534,1764,3838,3598,3349,1096],"class_list":["post-10298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-bitcoin-etf","tag-bloomberg","tag-chicago-mercantile-exchange","tag-cme","tag-coinglass","tag-grayscale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Bitcoin ETF Approval: A Much Debated Topic - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The Bitcoin ETF approval has fallen short of expectations for the 7th consecutive trading day. 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