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Bitcoin ETF Sees Net Inflow Of $38.4m, BlackRock Outpaces Grayscale

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Bitcoin ETF Sees Net Inflow Of $38.4m, BlackRock Outpaces Grayscale

Bitcoin ETFs experienced a net inflow of $38.4 million on Feb. 1, marking the fifth consecutive day of such inflows.

Grayscale’s Bitcoin Trust ETF (GBTC) also saw a significant net outflow of $182 million. In contrast, the collective net inflow for the remaining nine ETFs in the sector, excluding Grayscale, amounted to $220 million.

BlackRock’s iShares Bitcoin Trust (IBIT) outperformed Grayscale Investments’ GBTC in trading volume. This event marks a first for BlackRock since the introduction of spot Bitcoin ETFs in the U.S. on Jan. 11.

Lot of talk about the inflows to the US spot #Bitcoin ETFs. Including from me but taking a step back and looking at other TradFi overlaps with Bitcoin we see the opposite story. Which i wrote about yesterday. ~$537 million in outflows from international crypto funds. pic.twitter.com/iNxBtohymA

— James Seyffart (@JSeyff) February 2, 2024

During the first three weeks following the launch of these trading products, Grayscale’s GBTC had been the frontrunner in trading volumes.

See Also: Facebook and Instagram To Soon Change Its Policy Regarding Bitcoin Spot ETF Ads

GBTC accounted for nearly half of the trading activity of the ten available ETFs, with approximately $14.4 billion of the total $29.3 billion traded.

On Feb. 1st, however, IBIT by BlackRock witnessed trading volumes of $302 million, surpassing the $292 million recorded by GBTC.

This shift comes amid Grayscale’s challenges with net outflows, reducing its Bitcoin holdings by 5,086 BTC, equivalent to about $218 million.

Despite Grayscale’s net outflows, the sector has seen robust investment activity.

BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have attracted significant net inflows, amounting to approximately $2.8 billion and $2.5 billion, respectively, since their introductions to the market.

#Binance #WRITE2EARN

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.

The post Bitcoin ETF Sees Net Inflow Of $38.4m, BlackRock Outpaces Grayscale appeared first on BitcoinWorld.

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