Bitcoin

Spot

BlackRock

United States-based spot Bitcoin exchange-traded funds (ETFs) have continued to attract investor interest despite outflows earlier in August.
On Aug. 16, data from SoSoValue <a data-ct-non-breakable="null" href="https://sosovalue.com/assets/etf/us-btc-spot" rel="null" target="null" text="null">revealed</a> that the total weekly net inflow for spot Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null">BTC</a>) ETFs reached $32.58 million, in contrast to the outflows seen in the previous weeks. On Aug. 2, the net outflow for spot Bitcoin ETFs was $80.69 million, while on Aug. 9, the outflow reached $169 million.
<h3 id="mixed-signals-in-the-bitcoin-market">Mixed signals in the Bitcoin market</h3>
 However, the total net inflow for spot Bitcoin ETFs on Aug. 16 reached $36 million despite outflows of $72.9 million from the Grayscale Bitcoin Trust on the same day. While GBTC has been experiencing a continuous hemorrhage of funds, other spot Bitcoin ETFs are seeing regular inflows.
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 <img alt="Spot Bitcoin ETFs attract investor interest despite August outflows" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-17%20110014">
 <figcaption style="text-align: center;">
 SoSoValue data depicting an overview of market volatility from June 7 to Aug. 16. Source: SoSoValue
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According to the data, historical net outflows from GBTC stand at $19.6 billion. In contrast, the Grayscale Bitcoin Mini Trust ETF saw no net outflow on Aug. 16, maintaining its total net inflows of $288 million.&nbsp;
The decline in GBTC’s fortunes coincides with the NYSE Arca’s decision to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nyse-arca-withdraws-request-list-options-commodity-trusts-crypto-etfs" rel="null" target="null" text="null">pull back on a proposed rule</a> change that would have enabled the trading of GBTC and similar cryptocurrency ETFs.
<h3 id="fidelity-and-blackrock-lead">Fidelity and BlackRock lead</h3>
 The Fidelity Bitcoin Fund ETF recorded the highest net inflow on Aug. 16, with $61.3 million. This brings its total historical net inflow to $9.8 billion.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/spot-bitcoin-etf-institutional-investor-hedge-fund-advisor-crypto-exchange-coinbase" rel="" target="_self" text="null">Advisor holdings in Bitcoin ETFs rise, hedge fund stakes dip — Coinbase</a>
BlackRock’s iShares Bitcoin Trust ETF also saw a significant net inflow of $20.38 million on the same day, bringing its historical total to $20.38 billion.
The continued positive inflows into spot Bitcoin ETFs come at a time when their total net asset value stands at $54.35 billion. The ETF net asset ratio, which represents the market value of ETFs as a percentage of the total market value of Bitcoin, is currently at 4.65%.&nbsp;
Historical cumulative net inflows have reached $17.37 billion, further illustrating the growing acceptance and integration of spot Bitcoin ETFs in the broader investment landscape. An Aug. 14 US Securities and Exchange Commission filing reveals that Morgan Stanley <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/morgan-stanley-blackrock-bitcoin-etf-holdings" rel="null" target="null" text="null">holds $188 million worth</a> of shares in a spot Bitcoin ETF.
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ai-more-power-hungry-bitcoin-profits-pose-risks-bitcoin-miners/" rel="null" target="null" text="null">AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>

Spot Bitcoin ETFs attract investor interest despite August outflows

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Cointelegraph

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