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Grayscale’s Bitcoin ETF Experiences Significant Outflows
Grayscale’s spot Bitcoin exchange-traded fund (GBTC) faced a substantial decrease in trading volume, witnessing net outflows of nearly $600 million on a particular day. This marked the second-largest outflow day since January 11, 2024, as revealed by Farside Investors.
Total Outflows and Recent Data
The total outflows from GBTC since January 11 now amount to a staggering $8,406.3 million. The reported outflow on February 29, 2024, stood at close to $600 million, underlining the significant movement of funds.
Positive Inflows for Other Bitcoin ETFs
Contrary to GBTC’s outflows, ten spot Bitcoin exchange-traded funds experienced a notable inflow of $673.4 million on a recent day. This increase was mainly attributed to BlackRock, which received $612.1 million in inflows during that period.
Offsetting Effects
With BlackRock’s inflows counterbalancing GBTC’s outflows, the overall positive flow into spot Bitcoin ETFs emerged at $92 million on the same day. This dynamic highlights the varying movements within the cryptocurrency market.
Bitcoin Price Movement and Market Response
For the first time since November 2021, the price of Bitcoin surged past $64,000. However, a slight bearish correction was observed during the US session, leading to a trading value of $60,750 with a 0.70% increase over the last 24 hours.
Increasing Momentum in Bitcoin Spot ETFs
Bitcoin spot ETFs are gaining momentum with notable achievements. BlackRock’s IBIT recorded a significant trading volume of $3.3 billion, doubling its previous record for the third consecutive day. Similarly, Fidelity’s spot Bitcoin ETF also doubled its trading volume record, reaching $1.4 billion on the same day.
Wall Street’s Growing Interest in Crypto ETFs
Morgan Stanley is reportedly exploring the addition of spot Bitcoin ETFs to its brokerage platform, indicating the growing interest of Wall Street banks in cryptocurrency offerings. Traditional financial institutions are increasingly delving into the crypto space, as seen in the latest developments.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
