Ethereum

United

Bitcoin ETF

Bitcoin

when

Asset management firm Grayscale Investments has recorded over $20.4 billion in outflows from its spot Bitcoin and Ether exchange-traded funds (ETFs) combined.
The Grayscale Bitcoin&nbsp;Trust ETF (GBTC) has lost an average of approximately $137.7 million daily in almost seven months since its launch on Jan. 11. As of July 29, GBTC recorded total outflows of $18.86 billion.
In contrast, all other nine spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;ETFs simultaneously approved in the United States maintain a positive balance, as shown below.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/6a4037b5-f4bd-4ee3-a91a-b13e2604e163.jpeg" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF inflow and outflow of investments in the United States. Source: Farside Investors
 </figcaption>
</figure>
Out of the lot, BlackRock’s iShares Bitcoin Trust (IBIT) tops the leaderboard with the highest investment, currently holding $19.93 billion in BTC. Other prominent holders include Fidelity’s Wise Origin Bitcoin Fund (FBTC), which holds $9.9 billion; Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB), which holds $2.6 billion; and the Bitwise Bitcoin ETF (BITB), which holds $2.09 billion.
Check out Cointelegraph’s guide to <a href="https://cointelegraph.com/news/what-is-a-cryptocurrency-etf-and-how-does-it-work">learn more about how cryptocurrency ETFs work</a>. 
The newly launched Grayscale Ethereum Trust (ETHE) showcased a performance comparable to GBTC in terms of investment outflows. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/800e6a42-7f8b-4ee1-8487-8b585edcbf2d.jpeg" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs" title="">
 <figcaption style="text-align: center;">
 Ethereum ETF inflow and outflow of investments in the United States.&nbsp;Source: Farside Investors
 </figcaption>
</figure>
The Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)&nbsp;fund lost $1.72 billion in five days, bringing Grayscale’s total crypto ETF outflows to $20.58 billion. In the process, Grayscale shed 18.7% of its initial seed funds of nearly $9.2 billion. 
Related: <a href="https://cointelegraph.com/news/sec-approves-grayscale-bitcoin-mini-trust-for-trading-nyse-arca">SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca</a>
On July 30, Steno Research senior analyst Mads Eberhardt claimed that massive outflows from the Grayscale’s ETHE should subside by Aug. 2. However, Eberhardt sees the strong early outflows as a reason for bullishness in the short term.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/25d3469e-88eb-4804-abb9-734991a4857b.png" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/MadsEberhardt/status/1817846559825965497" target="_blank" rel="noopener nofollow">Mads Eberhardt</a>
 </figcaption>
</figure>
“The Grayscale Bitcoin ETF outflow subsided significantly following the eleventh trading session,” he said. 
<blockquote data-ct-non-breakable="true">
 “Since the Grayscale Ethereum ETF has experienced a much higher outflow relative to AUM [assets under management], we believe that peak outflow will occur sometime this week.”
</blockquote>
Pseudonymous trader Evanss6 echoed Eberhardt’s view by comparing the launch of spot BTC and ETH ETFs side-by-side. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3311cee3-1154-4996-ba32-339932413d1b.png" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Evan_ss6/status/1818024464736731149" target="_blank" rel="noopener nofollow">Evanss6</a>
 </figcaption>
</figure>
According to Evan, the outflows from Bitcoin ETFs bottomed on the seventh trading day, and the bottom occurred when cumulative GBTC outflows reached 13.2% of the original fund, adding that Bitcoin proceeded to “rip [approximately] 92% in 50 days” following the bottoming of GBTC outflows.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-ico-blockchain-forensics-double-spending-debate/">Decade after Ethereum ICO: Blockchain forensics end double-spending debate</a>

Grayscale sheds $20B from Bitcoin and Ether ETFs

Cointelegraph

Alte articole publicate pe 30 iul. 2024

Ethereum Plummets 8.5% Following ETF Outflows: Analyzing the Market Reaction

Ex SwissOne Capital Brain Antony Turner Revealed As CEO Behind BlockDAG; More on Cosmos’ Dip and ...

What will a Donald Trump win mean for the global economy?

Binance Announces Significant Update To Its Launchpool Reward System

What is Duko Memecoin?

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

Join our free newsletter for daily crypto updates!