Solana

Bitcoin

James

Last week, Bitcoin-focused investment vehicles experienced a notable influx of more than $700 million, as new spot Bitcoin (BTC) exchange-traded funds (ETFs) attracted significant investments, offsetting the decreasing outflows from Grayscale’s flagship fund, GBTC, according to <a href="https://blog.coinshares.com/volume-168-digital-asset-fund-flows-weekly-report-16427d7d3235" rel="nofollow noopener" target="_blank">CoinShares</a>. 
<img decoding="async" src="https://miro.medium.com/v2/resize:fit:875/1*9mdHRvY8ZA4BxcAMPTyZ1Q.png" alt="" title="Investment vehicles focused on Bitcoin attract over 700 million dollars in a week 19"> 
The BlackRock-managed IBTC and Fidelity’s FBTC, leading the pack among the newly issued spot Bitcoin ETFs, recorded weekly inflows of $884 million and $674 million, respectively, marking a slight increase from the previous week in dollar terms. 
<a href="https://crypto.ro/wp-content/uploads/2024/02/photo_2024-02-05_18-10-16.jpg"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-24539" src="https://crypto.ro/wp-content/uploads/2024/02/photo_2024-02-05_18-10-16.jpg" alt="photo 2024 02 05 18 10 16" width="851" height="577" title="Investment vehicles focused on Bitcoin attract over 700 million dollars in a week 20"></a> 
In contrast, GBTC saw a withdrawal of approximately $927 million, a substantial decrease from the $2.2 billion outflow witnessed the week prior. 
James Butterfill, head of research at CoinShares, highlighted in the report a “significant reduction in momentum of these outflows in recent weeks,” pointing towards a stabilizing trend in the market. 
The introduction of spot BTC ETFs in the U.S. on January 11 initiated a period of heightened withdrawals from existing bitcoin funds like GBTC, primarily driven by profit-taking and the FTX’s sale of GBTC holdings. However, these outflows have shown a slowdown, while the new ETFs continue to see consistent inflows. 
By the end of last week, the cumulative funds managed by the new bitcoin ETFs reached $7.7 billion, effectively compensating for the $6 billion outflows from older funds. This shift indicates a growing investor preference for the newly available investment options over traditional ones. 
In the realm of altcoins, Solana (SOL) led the way with $13 million in inflows, signaling a strong investor interest despite the broader market’s challenges. 
Conversely, investment vehicles holding Ethereum’s ether (ETH) and Avalanche’s native token (AVAX) faced $6.4 million and $1.3 million in outflows, respectively, underscoring the fluctuating investor sentiment across different cryptocurrency assets.

Investment vehicles focused on Bitcoin attract over 700 million dollars in a week

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