Bitcoin ETF

Bitcoin

Million

Grayscale Bitcoin Trust

<p>The spot Bitcoin ETF market has witnessed significant developments within the first week of its launch. In just the initial three days of trading on Wall Street, these <a href="https://coingape.com/spot-bitcoin-etfs-have-clocked-10-billion-trading-volumes-in-just-3-days-whats-ahead/" target="_blank" rel="noopener">Bitcoin ETFs</a> collectively recorded trading volumes surpassing $10 billion.</p> 
<h3 id="bitwise-records-68-million-in-inflows">Bitwise Records $68 Million In Inflows</h3> 
<p>In a recent statement, Bitwise CEO Hunter Horsley announced that the Bitwise Bitcoin ETF ($BITB) has experienced another influx of $68 million, resulting in a total of $370 million in inflows over a span of four days. Horsley expressed gratitude to investors for placing their trust in Bitwise to manage their assets within the cryptocurrency space.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Today the Bitwise Bitcoin ETF ($BITB) took in another $68,000,000 and bought Bitcoin.</p> 
 <p>Now $370M total inflows over 4 days. </p> 
 <p>Grateful to investors for entrusting us to steward their assets in the space. </p> 
 <p>[View BITB disclosures &amp; prospectus: <a href="https://t.co/pAJUG8aACE">https://t.co/pAJUG8aACE</a>]</p> 
 <p>— Hunter Horsley (@HHorsley) <a href="https://twitter.com/HHorsley/status/1747815189398081813?ref_src=twsrc%5Etfw">January 18, 2024</a></p>
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<p>The good thing about Bitwise is that it buys all the Bitcoins in the underlying spot ETFs using the BRRNY vwap. As <a rel="nofollow" href="https://twitter.com/Capital15C/status/1747807020906856547?s=20" target="_blank">reported</a> by CC15Capital, the Bitwise Bitcoin Spot ETF (BITB) acquired a net total of 1,598 Bitcoins in its latest trading session. As of January 17, the BITB ETF held a cumulative sum of 8,309 Bitcoins, valued at approximately $358 million. On the most recent trading day, BITB witnessed the exchange of 2.9 million shares, amounting to approximately $70 million.</p> 
<h3 id="gbtc-records-huge-outflows-leading-to-inflows-in-bitcoin-etfs">GBTC Records Huge Outflows Leading to Inflows In Bitcoin ETFs</h3> 
<p>The Grayscale Bitcoin Trust (GBTC) has been seeing strong outflows following the launch of the spot Bitcoin ETFs last week. The ETFs offer a more regulated and secure way of holding Bitcoins. Market analysts believe that most of the outflows from GBTC have led to strong inflows in the ETFs.</p> 
<p>Bloomberg strategist James Seyffart has noted a significant shift in funds from Grayscale Bitcoin Trust ($GBTC) to competing ETFs, emphasizing that this trend may not be receiving adequate attention. Seyffart estimates a substantial outflow of approximately $594 million from $GBTC, totaling $1.173 billion in outflows.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Assuming the data is correct it backs up something i wrote about yesterday. A lot of these <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> outflows are likely finding a home in competing ETFs <a href="https://t.co/Bj8HZAOkXa">https://t.co/Bj8HZAOkXa</a> <a href="https://t.co/qcVBnbdnX5">pic.twitter.com/qcVBnbdnX5</a></p> 
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1747753797944815646?ref_src=twsrc%5Etfw">January 17, 2024</a></p>
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<p>While several other BTC ETFs <a href="https://coingape.com/crypto-market-expert-spotlights-bitcoin-etf-saga-as-net-flows-surpass-780m/" target="_blank" rel="noopener">experienced inflows</a>, the analyst questions whether these inflows are sufficient to counterbalance the sizable outflow from $GBTC. Seyffart highlights discussions with informed sources suggesting discrepancies in on-chain coverage, particularly related to $GBTC.</p> 
<p>Amid all these developments, the Bitcoin price has remained steady trading around $46,500 levels with a market cap of $835 billion. Earlier this week on Tuesday, January 16, the Bitcoin network recorded the largest Bitcoin transaction with nearly 43,000 Bitcoin moved in just an hour.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b8.png" alt="💸" class="wp-smiley" style="height: 1em; max-height: 1em;"> The largest <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> transaction thus far in 2024, worth $665.3M, occurred ~6 hours ago. Between 3pm and 4pm UTC, this transaction contributed to a total of 42,870 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> moved in 1 hour, the highest level of hourly movement in nearly 6 months. <a href="https://t.co/LigU0fVgYm">https://t.co/LigU0fVgYm</a> <a href="https://t.co/m2YPbgy7EG">pic.twitter.com/m2YPbgy7EG</a></p> 
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1747386100661055938?ref_src=twsrc%5Etfw">January 16, 2024</a></p>
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<p>The post <a href="https://coingape.com/gbtc-outflows-make-way-into-spot-bitcoin-etfs-bitwise-records-68-million-inflows/">Outflows from GBTC Flow into Spot Bitcoin ETFs, Bitwise Registers $68 Million Inflows</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Outflows from GBTC Flow into Spot Bitcoin ETFs, Bitwise Registers $68 Million Inflows

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