Bitcoin ETF

Bitcoin

Spot

Spot Bitcoin ETFs witnessed a net inflow of $247 million for the first time a week. 
This divergence in fund flows was particularly evident among the other nine ETFs, excluding Grayscale, which collectively saw a net inflow of $467 million. Data from <a href="https://alpha.sosovalue.xyz/?category=ETF" target="_blank" rel="noopener">SoSo Value</a> shows that BlackRock’s ETF IBIT recorded a single-day net inflow of $299 million, constituting 64% of the total net inflows this week.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="732" height="533" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-29-213300-2.png" alt="Bitcoin ETF inflow" class="wp-image-14244019" style="width: 100%;height:auto">
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 Bitcoin ETF net inflow | Source: <a href="https://alpha.sosovalue.xyz/?category=ETF" target="_blank" rel="noopener">SoSo Value</a>
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</figure> 
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However, Grayscale’s Bitcoin Trust (GBTC) reported a substantial net outflow of $220 million in a contrasting development. Grayscale transferred 2,682 BTC, valued at approximately $114 million, to the address of Coinbase Prime Deposit. Additionally, the firm moved 5,281 BTC to a new address, speculated to be Grayscale’s updated custody address. The transactions could indicate a significant restructuring in Grayscale’s asset management strategy. 
This resurgence contributed to a spike in Bitcoin’s price, reaching its highest point in the past three weeks. Despite the net outflows from GBTC, the <a href="https://crypto.news/standard-chartered-foresees-ethereum-etf-approval-by-may-23/">ETF</a> issuers augmented their holdings by more than 4,200 Bitcoin, worth roughly $183 million. This shift in dynamics comes after a week of negative daily flows, which saw nearly 20,000 Bitcoins exiting the funds between Jan. 23 and Jan. 26. 
 Read more: <a href="https://crypto.news/coinbase-challenges-secs-rejection-of-digital-asset-rulemaking-petition/"> Coinbase challenges SEC’s rejection of digital asset rulemaking petition </a> 
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Bitcoin ETFs surge with $247m inflow as BTC nears $44k again

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