10 US Bitcoin Spot ETFs Total Net Inflows of 19,000 BTC in January

9 months ago 69

Bitcoin ETF performance in January

The 10 Bitcoin spot ETFs approved in the US on January 11th saw a total of 19,000 BTC (net flows) inflows. In US dollars, this is equivalent to $820 million.

Of these stocks, Grayscale’s GBTC had the most outflows, with a total of 132,195 BTC ($5.7 billion) sold through January 31st. GBTC currently holds 487,025 BTC.

GBTC outflows have slowed since late last week, significantly shrinking from ~$600 million to $56 million per day. Due to the reduction in selling pressure, the price of Bitcoin recovered to the $43,000 level.

Still some after hours trading left but looks like BlackRock’s $IBIT is the first ETF to trade more than Grayscale’s $GBTC in a single day.

Total trading today was kind of a dud though at $924 million — first day below $1 billion in dollar volume for the group since launch. https://t.co/IeIF2COm4F pic.twitter.com/ZtADLBQP63

— James Seyffart (@JSeyff) February 1, 2024

On the other hand, BlackRock’s IBIT had the most inflow, operating a total of 66,200 BTC. Next is Fidelity’s FBTC, with 59,224 BTC under management.

#BitcoinETF 31/1/24 Daily Bitcoin Holding:

Blackrock, Fidelity, ARK 21Shares, and Bitwise Data out of 31st January holding.
Waiting for $GBTC data Also.$IBIT $BITB $ARKB $FBTC https://t.co/GZh6HfbBqA pic.twitter.com/oAWPLRRDEp

— Crypto Patel (@CryptoPatel) February 1, 2024

On the other hand, Wisdom Tree has the lowest number of holdings, with only 260 BTC ($11.2 million).

In terms of trading volume, Grayscale’s GBTC had the highest trading volume, recording a total of $14 billion for the 14 days ending on the 31st, with a difference of approximately 2.3 times from second-place IBIT.

Today $GBTC is crushing its peers in the liquidity/volume race. Not even gonna be close pic.twitter.com/Zq2P0Dgz9P

— James Seyffart (@JSeyff) January 31, 2024

Although the trading volume of Bitcoin ETFs is strong, it does not necessarily mean that the underlying asset, physical Bitcoin, will rise in tandem. Since the end of last year, expectations have increased in the US policy interest rate environment that interest rates will be cut from March or May of this year, and funds have returned to risk assets such as virtual currencies and stocks. However, at yesterday’s FOMC conference, Chairman Powell clearly ruled out the possibility of early rate cuts, so it will be important to see how Bitcoin ETFs and spot BTC perform in an environment of long-term high interest rates. .

connection: Chairman Powell denies possibility of March interest rate cut at FOMC meeting; US stocks fall sharply, impacting virtual currency market | 1st Financial Tankan