The eleventh trading day marked a significant milestone for the spot Bitcoin ETFs, registering a $14.8 million net inflow, as reported by BitMEX Research.
This influx on Jan. 26, 2024, signals the first daily net inflow since January 19, indicating a potential shift in investor sentiment within the cryptocurrency ETF market.
Grayscale’s Bitcoin Trust (GBTC), which has been experiencing substantial outflows, saw a moderation to $255 million, the lowest since January 11. Despite this reduction, GBTC’s total outflows since January 19 remain substantial, exceeding $5 billion.
Prior to the launch of the ETFs on January 11, GBTC held approximately 621,000 BTC. However, recent data from Glassnode reveals that GBTC’s Bitcoin balance has diminished to around 506,000 BTC, marking a near 20% decrease since the ETF’s inception.
Amidst these shifts, BlackRock’s IBIT ETF has emerged as a prominent beneficiary. On January 26, IBIT logged net inflows of $87 million, elevating its total to a remarkable $2.2 billion. This surge in inflow underscores the growing investor interest in diversified cryptocurrency investment vehicles.
Furthermore, Fidelity’s Bitcoin-focused ETF, FBTC, continues to attract significant investor attention. With another net inflow of $100 million, Fidelity’s total holdings in the ETF have reached $1.9 billion. Notably, Fidelity’s FBTC ETF has consistently drawn at least $100 million in net inflows every trading day, a trend that highlights its steady appeal among investors.
Collectively, the total net inflows in the cryptocurrency ETF market now stand at $759.4 million