Bitcoin

Grayscale Bitcoin Trust

On February 8, the cryptocurrency market observed a significant milestone with spot Bitcoin (BTC) exchange-traded funds (ETFs) experiencing their third-largest influx of $403 million. 
This surge in investment comes despite witnessing over $100 million in outflows from the Grayscale Bitcoin Trust (GBTC), underscoring the shifting preference among investors towards spot BTC ETFs. 
Since their inception on January 11, spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin</a> ETFs have attracted over $2.1 billion in total inflows, reflecting a robust demand for Bitcoin as an investment. This notable influx coincided with Bitcoin’s price escalation, reaching a multi-week peak of $46,000, nearing its yearly highs by a margin of $2,000. 
Leading the charge, BlackRock’s ETF garnered the highest inflow of $204 million, with Fidelity and ArkInvest’s BTC ETFs trailing at $128 million and $86 million, respectively. Bitwise managed to attract $60 million, while the collective inflow into the remaining seven ETFs amounted to $27 million. In contrast, GBTC experienced a significant outflow of $102 million. 
<img decoding="async" class="alignleft size-full wp-image-30284" src="https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831.png" alt="IMG 4831" width="879" height="1275" title="Bitcoin ETFs record their third-largest influx of $403 million 4" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831.png 879w, https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831-207x300.png 207w, https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831-706x1024.png 706w, https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831-768x1114.png 768w, https://crypto.ro/en/wp-content/uploads/2024/02/IMG_4831-750x1088.png 750w" sizes="(max-width: 879px) 100vw, 879px"> 
A remarkable development was BlackRock’s IBIT ETF surpassing Grayscale’s GBTC in daily trading volume, marking a significant shift in investor preference and market dynamics. 
Despite this, the cumulative trading volume of all 11 BTC ETFs dropped below $1 billion for the first time since their launch. 
Bloomberg’s senior analyst <a href="https://x.com/ericbalchunas/status/1755735097016549466?s=46" rel="nofollow" target="_blank">Eric Balchunas</a> highlighted BlackRock’s achievement in overtaking Grayscale in trading volume as a considerable accomplishment, emphasizing the typically prolonged period required for a new fund to surpass the liquidity leader in its category. 
Market experts interpret the influx into Bitcoin ETFs as evidence of a growing investor appetite for cryptocurrency. The net inflow translates to approximately 8,698.44 BTC being transferred from the market to the cold storage of these ETFs. 
The approval and subsequent listing of spot Bitcoin ETFs by the SEC marked a pivotal moment for cryptocurrency investments, with their launch witnessing unprecedented trading volumes. 
With the anticipated Bitcoin halving event expected in less than 70 days, the reduction in market supply from 6.25 to 3.125 BTC per block is poised to further stimulate demand, potentially propelling BTC into a new era of price discovery amidst a bullish market.

Bitcoin ETFs record their third-largest influx of $403 million

crypto.ro global

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