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Investing.com – Flows into spot exchange-traded funds (ETFs) fell this week, with an outflow of $224 million on Monday, even as the underlying asset hit a three-week high.
This outflow, reported by JP Morgan, breaks a four-day streak of inflows totaling $570 million into these institutional investment vehicles. The report further examines the cryptocurrency market dynamics on the 60th trading day of the US spot Bitcoin ETF.
According to the analysis, daily gross sales excluding Grayscale's Bitcoin Trust (NYSE:) fell to $80 million, the lowest since the ETF's launch.
This decline is primarily due to an increase in GBTC redemptions and a slowdown in investments in “blue-chip” cryptocurrency offerings. Notably, GBTC outflows reached -$304 million, exceeding the daily average of -$263 million since its launch.
Since switching to a spot ETF in January, GBTC has seen a total outflow of $15.8 billion. This sum represents 48% of the Bitcoin balance before conversion to a spot ETF.
On the other hand, Bitwise (NYSE:) emerged as the top asset collector of the day with a turnover of $40 million. Meanwhile, combined inflows for BlackRock's (NYSE:) iShares Bitcoin Trust (NASDAQ:) and Fidelity's Fidelity Wise Origin Bitcoin Fund (NYSE:) totaled nearly $28 million.
Eric Balchunas, ETF analyst at Bloomberg, provided a broader perspective, noting that IBIT (BlackRock) and FBTC (Fidelity) have received cash consistently for 59 consecutive days, putting them in the top 20 all-time in terms of inflows.
In related news, James Seyffart reported that Defiance has filed for a 2x Leveraged Futures ETF trading under the ticker symbol ETHL and a 2x Leveraged Microstrategy (NASDAQ:) ETF. In addition, Seyffart noted that the decision to allow options on spot Bitcoin ETFs has been postponed by the SEC, emphasizing that approval from various regulators is required and that the process could be lengthy without being final give a schedule.
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