The first wave of exchange-traded funds tracking Bitcoin is witnessing strong investor interest. Net fund inflows into spot Bitcoin ETFs stood at $33.1 million at the close of the sixth trading day, according to data compiled by BitMEX Research.
Financial services giant Fidelity’s Wise Origin Bitcoin Trust (FBTC) accounted for the lion’s share of inflows at $222.3 million. It was followed by BlackRock’s iShares Bitcoin Trust (IBIT) ETF, which drew investments worth $201.5 million.
Meanwhile, investors poured 63.4 million into Invesco Galaxy Bitcoin ETF (BTCO), $62.6 million into Ark 21Shares Bitcoin ETF (ARKB), $56.7 million into Bitwise Bitcoin ETF (BITB), $14.2 million into VanEck Bitcoin Trust (HODL), and $2.9 million into WisdomTree Bitcoin Fund (BTCW).
Grayscale’s Spot Bitcoin ETF Sees Outflows of $590M on Day 6
While other funds made gains, the Grayscale Bitcoin Trust (GBTC) continued to see sizeable outflows, with more than $590 million in assets flowing out of GBTC on the sixth day of trading. Investors have been exiting GBTC partly because Grayscale levies a higher fee on its Bitcoin ETF as compared to rivals.
The fund outflows can also be attributed to profit-taking on Grayscale’s GBTC, with some investors looking to exploit the fund’s discount to net asset value. Assets worth over $2 billion have exited GBTC since it was converted into a Bitcoin ETF last week, CoinGape News reported earlier.
On the other hand, nine spot Bitcoin ETFs, minus Grayscale’s GBTC, have cumulatively purchased $79,618 Bitcoin (BTC) since their launch, valued at over $3.2 billion, as per data provided by CCCapital15’s X handle.
ETF Issuers Suck Up 796 Bitcoin On Day 6
Spot Bitcoin ETF issuers scooped up another net 796.6 Bitcoin on their sixth trading day, data from X (formerly Twitter) account BitMEX Research showed. This implies that a net $33 million worth of Bitcoin was added to their holdings.
It’s also worth mentioning that spot Bitcoin ETFs run by BlackRock, Fidelity, and Bitwise were among the top 10 most-traded ETFs in the US over the past week. Furthermore, the asset size of Grayscale and Fidelity’s Bitcoin ETFs had crossed $1 billion after just five days of trading.
While the broader impact of Bitcoin ETFs on the crypto market remains to be seen, it is already being heralded as a game-changer by many crypto pundits, with Bitcoin advocate and author Vijay Boyapati saying ETFs would boost retail investment into Bitcoin.
Also Read: Spot Bitcoin ETFs Excluding GBTC Have Bought BTC Worth $2.8 Billion Since Launch
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