Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion
19 Februar 2024 - 3:00PM
NEWSBTC
Bitcoin spot exchange-traded funds have been online in the US for
only two months, but their performance has far eclipsed any other
asset class. These ETFs recently hit a new milestone, drawing over
$2.2 billion in inflows last week alone, shattering the previous
weekly record set on the first week of trading. This is a
particularly noteworthy development because, as senior Bloomberg
analyst Eric Balchunas pointed out, this inflow skyrocketed past
the 3,400 plus ETFs available in the US, like the SPLG US and the
SPY US. Bitcoin ETF Inflows Surge Amid Competition Bitcoin
ETFs have fully captured the interest of institutional investors,
with trading volume indicating their appealing nature. Trading
volume statistics reveal these 10 ETFS have been experiencing a
great deal of activity since their launch, netting more than $2.3
billion last week alone to bring the total inflow to $4.926 billion
since they went live. As pointed out by Eric Balchunas, the
significant inflow last week puts the ETFs above more established
ETFs in the United States. Related Reading: The Bitcoin Rally Is
Far From Over: 2 Key Factors Behind The Momentum The 10 bitcoin
ETFs netted +$2.3b last week. For context, that is more than any
other ETF (out of 3,400) took in. $IBIT alone was #2. This brings
total net to +$5b, which is more than BlackRock as a whole has
taken in. Again, this is all net GBTC bleed. Throw that out and
the… https://t.co/PlxnfQ7ETf pic.twitter.com/04LTixd3Zt — Eric
Balchunas (@EricBalchunas) February 17, 2024 Notably, most of this
inflow went into BlackRock’s iShares Bitcoin Trust (IBIT), which
has outperformed the nine other Bitcoin ETFs and ETFs of other
asset classes. IBIT accumulated $1.673 billion in net inflows
throughout the week, making it the third-largest inflow among any
of the 3,500 plus exchange-traded funds. At the close of last
week’s trading session, BlackRock’s IBIT has received a $5.2
billion net inflow since its launch. Notably, this amounts to 50%
of the investment company’s net inflow of $10.4 billion from its
417 ETFs since the beginning of the year. It’s important to
note that these staggering inflow numbers have come amidst an
ongoing outflow from the Grayscale Bitcoin Trust ETF (GBTC). While
outflows from the ETFs have slowed down compared to recent weeks,
the GBTC witnessed $624 million in outflows during the week.
“Again, this is all net GBTC bleed,” Balchunas noted. BTC Bullish
Price Momentum Set To Continue Bitcoin’s price has skyrocketed over
33% in the past 30 days, recently topping $52,000 per coin for the
first time since 2021. Current price action shows Bitcoin has
somehow stabilized around this price point, with the crypto trading
between $52,700 and $50,700 in the past five days. At the time of
writing, Bitcoin is trading at $52,307. Related Reading: $400 XRP
Price Point: Analyst Breaks Down The Future Surge Date However, the
fear of missing out on further gains is driving many new investors
to Bitcoin ETFs. According to an analyst, inflows into these ETFs
are on track to reach $150 billion by the end of 2025. With a new
all-time high now looking plausible, Bitcoin is set to continue on
its price gain as spot ETF trading commences throughout the week.
BTC price continues to rise | Source: BTCUSD on Tradingview.com
Featured image from Business Today, chart from Tradingview.com
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