10 months ago
73
More than 70 billion yen flowed into BlackRock
The crypto asset (virtual currency) Bitcoin (BTC) spot ETF recorded inflows of approximately 116 billion yen (approximately $800 million) in the first two days. Bloomberg analyst Eric Balchunas presented preliminary data on the 13th.
LATEST: With two days in the books, the Nine Newborns have taken in +$1.4b in new cash, overwhelming $GBTC‘s -$579m of outflows for net total of +$819m. $IBIT now leading pack w/ half a bil, Fidelity close second tho. The newborns’ $3.6b in trading volume on 500k indiv trades… pic.twitter.com/b7U5DjENaw
— Eric Balchunas (@EricBalchunas) January 13, 2024
BlackRock’s iShares ETF led the way in terms of inflows, reaching nearly 72.5 billion yen ($500 million) in two days. BlackRock’s fees are relatively low among approved ETFs at an initial promotional price of 0.20%.
In second place was Fidelity, which raised approximately 58 billion yen (approximately $400 million). In third place was Bitwise with approximately 29 billion yen (approximately $200 million), followed by ARK in fourth place with approximately 14.5 billion yen (approximately $100 million).
On the other hand, approximately 87 billion yen (approximately $600 million) was outflowed from Grayscale’s GBTC. GBTC was previously operated as a Bitcoin investment trust and was converted into an ETF, but the commission fee is set at 1.5%.
Grayscale’s GBTC investment trust had a high fee of 2% due to lack of competition, but the fee was lowered as it was converted to an ETF. However, this is still the highest level among the 11 companies approved this time.
The total inflow to each company’s ETFs excluding Grayscale was approximately 203.2 billion yen (approximately $1.4 billion), but when the outflow from Grayscale is offset, the total amount was approximately 116 billion yen (approximately $800 million). It looks like there will be an influx.
In total, 500,000 transactions were made in the Bitcoin spot ETFs sold by each company, and the trading volume reached approximately 522.4 billion yen ($3.6 billion). Also, the average premium was 0.20%.
What is Bitcoin ETF?
An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.
Virtual currency glossary
connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
BlackRock CEO’s view
BlackRock CEO Larry Fink appeared on Fox Business after the ETF was approved, and stated that Bitcoin could serve as a hedge against a decline in the value of fiat currencies.
Mr. Fink was once skeptical of Bitcoin, but he has now changed his view. The emergence of Bitcoin ETFs is an example of how it is becoming more lawful, he said.
connection:
BlackRock CEO talks about Ethereum spot ETF and Bitcoin
Fink also said he sees cryptocurrencies as an asset class, like gold, that protects assets from geopolitical risks.
He also points out that the trend of issuing virtual currency ETFs will lead to the tokenization of various assets. He said it is also possible to eliminate various types of corruption by using a tokenization system where transactions are recorded on a digital ledger.
connection:
Bitcoin ETF approval sells the facts, and there is a feeling of running out of materials | Contributed by a bitbank analyst
The post BlackRock leads the way with more than 100 billion yen inflows into Bitcoin spot ETF in 2 days appeared first on Our Bitcoin News.
English (US) ·