Spot Bitcoin ETFs in witnessed net outflows of $139.88M in the US

Spot bitcoin exchange-traded funds saw a net outflow to the tune of $139.88 million in the US. This continued for the past five days. 

Grayscale’s GBTC was ahead of the competition, coming up with a day-to-day net outflow amounting to $53 million. Second in line stood Fidelity’s FBTC, recording outflows to the tune of $51 million, as per data released by SoSoValue. Coming in the third position was Bitwise’s BITB with $32 million. 

Added to that was VanEck’s ETF, with its net outflow reaching the figure of $4 million. The net outflows about Invesco, as well as Galaxy Digital, witnessed the amount to the tune of $2 million. 

In the case of net inflows, it was announced by BlackRock’s IBIT, which is the biggest spot bitcoin ETF, about net asset value. The amount stood at $1 million, with a day-to-day amount reaching the figure of $545 million, in terms of the volume of trade. Where various funds were concerned, the recording was of zero flows. These included Ark Invest, as well as Valkyrie, Franklin Templeton, WisdomTree, and Hashdex. 

The collective figure for NFT trading stood at $1.16 billion. This signified a drop as compared to the prior amount of $1.7 billion. In the case of the eleven spot bitcoin funds, they collectively managed to rake in net inflows to the tune of $14.67 billion. 

Amongst all of this, the bitcoin pricing dropped by 1%, standing at $64,471. 

In other areas, ASX, which is by far, Australia’s biggest stock exchange, registered its initial spot bitcoin ETF. The VanEck bitcoin ETF functions in the form of a booster fund, offering bitcoin experience via making investments in the US-registered VanEck bitcoin trust (HODL). Despite there being Spot crypto ETFs from 2022 onwards, the furthering of the bitcoin fund to ASX sparks attempts being made to be in sync with the crypto ETF movement in the US, as well as Hong Kong. 

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In the meantime, the US-based suppliers are engaged in the introduction of an initial lot of spot ether funds. In this scenario, the suppliers came in for a word from the Securities and Exchange Commission (SEC), about the S-1 forms related to ether ETFs.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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