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    <p>During the first two days of trading in the newly SEC-approved spot bitcoin ETFs, nine tickers took in approximately $1.4 billion of new cash inflows. According to Bloomberg, a single ETF, Blackrock’s IBIT, took on $497 million of new cash. Eight other ETFs, namely FBTC, BITB, ARKB, EZBC, BTCO, BRRR, HODL, and BTCW, took on $900 million of new cash.</p>
    <p>Meanwhile, Grayscale’s Bitcoin Trust (GBTC) converted into an ETF over the weekend after experiencing $579 million in outflows on Thursday and Friday.</p>
    <p>In total, inflows into the nine ETFs minus outflows from GBTC’s trust-turned-ETF totaled <strong>$819 million</strong>.</p>
    <p>When the SEC reluctantly approved 11 <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s, some enthusiasts expected the price of <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> to jump. Of course, the Wall Street adage “Buy the rumor; sell the news” applied to this news event, as it usually does.</p>
    <p>One day before the ETFs were approved, the price of bitcoin did briefly spike to <strong>over $48,625</strong> on a fake approval tweet from a hacked SEC social media account. However, by the time the approval was actually confirmed, the price had declined and continued to sell off in a classic “sell the news” letdown.</p>
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       Crypto reacts to SEC’s dramatic spot bitcoin ETF approvals
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    <p><em>Read more: SEC commissioner Crenshaw still skeptical of approved bitcoin ETFs</em></p>
    <h2 class="wp-block-heading" id="h-bitcoin-etfs-inflows">Bitcoin ETFs inflows</h2>
    <p>Initially, interest in the new spot ETFs appeared promising. Trading volumes in Grayscale’s GBTC exceeded $4.1 billion within two days while BlackRock’s IBIT attracted an additional $1.5 billion in volume. Several other ETFs attracted hundreds of millions more apiece.</p>
    <p>Of course, some observers suggested that a considerable percentage of ETF share trading was <strong>simply arbitrage</strong> — moving shares from one exchange to another to capitalize on small price discrepancies.</p>
    <p>Some financial institutions did not help matters. Charles Schwab published a bearish article on “key issues to know” about <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s. Some financial institutions like Bank of America and Edward Jones refused to sell shares to certain retail investors. Even JP Morgan, an authorized participant for the BlackRock spot <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>, posted a warning to anyone thinking of contributing to spot <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s’ <a rel="noopener noreferrer nofollow" title="inflows" href="https://thebittimes.com/tag/inflows.html">inflows</a>.</p>
    <p>Pantera Capital was one of the more welcoming institutions. Bitwise’s S-1 filing indicated that Pantera was <strong>prepared to invest up to $200 million into its proposed spot bitcoin ETF</strong>. That $200 million made up the majority of Bitwise’s $237 million of inflows into its ETF, BITB, for the first day.</p>
    <p>So far, spot bitcoin ETFs have attracted net new cash inflows, but only a fraction of bitcoin’s market capitalization. At $819 million of net new cash inflows into spot bitcoin ETFs during the first two days of trading, that equals barely 0.1% of bitcoin’s $827 billion market cap.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, </em><em>Instagram</em><em>, </em><em>Bluesky</em><em>, and </em><em>Google News</em><em>, or subscribe to our </em><em>YouTube</em><em> channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-spot-etf-cash-inflows-less-than-0-1-of-bitcoin-s-market-cap-tbt76654.html">https://thebittimes.com/new-spot-etf-cash-inflows-less-than-0-1-of-bitcoin-s-market-cap-tbt76654.html</a></p>

New spot ETF cash inflows less than 0.1% of bitcoin’s market cap

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