Over $1.29 Billion Injected into Spot Bitcoin ETFs in Under a Week After Groundbreaking Green Light: BitMEX Report
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Following their recent debut, spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an influx of over $1.2 billion, per BitMEX’s research division.
According to BitMEX, new ETFs attracted $1.29 billion in just four days of trade, with BlackRock’s product securing the lion’s share.
Arthur Cheong, DeFiance Capital’s founder and CEO, heralds the BlackRock ETF’s opening figures, citing its rapid accumulation of funds.
“Inset less than a week, BlackRock’s spot Bitcoin ETF garners $1 billion in AUM. A spectacular $932 million rolled in on the fourth day alone. Considering Grayscale’s probable $500 million loss, we’re looking at a net increase of $400 million. Any way you measure, it’s a remarkable launch.”
In the wake of receiving the green light, BlackRock unveiled an ad for its ETF.
BitMEX notes a total of $1.6 billion exits from Grayscale’s funds as its Bitcoin Trust transitions to an ETF format, with outflows peaking at $458 million on the fourth day.
“Fourth-day update for Bitcoin spot ETFs: The GBTC’s fourth-day outflow figure is now available. We’ve seen an outflow of $458 million on day four and a cumulative GBTC outflow of $1.6 billion. Complete data for day four is in.”
Some market commentators suggest GBTC investors liquidated at a loss to pivot to ETFs with more favorable fees.
Eleven spot Bitcoin ETFs received SEC approval on January 10th, forging a financial conduit linking Bitcoin to Wall Street’s investment streams.
At the time of this report, Bitcoin’s price stands at $41,223, marking a decrease of over 3% in the past day.
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