According to recent data, the Bitwise Bitcoin ETF was the only spot Bitcoin ETF to experience a net inflow yesterday. There was no net outflow in Grayscale’s Bitcoin Trust. This movement in the market is considered significant.
Bitwise Bitcoin ETF Sets New Inflow Record Yesterday
Grayscale’s GBTC, which has been converted into a spot Bitcoin ETF, has typically seen heavy outflows that have hindered inflows into other products. However, there was no change in this pattern as of yesterday. SoSo Value data shows approximately $17 billion in net outflows.
On the other hand, besides the Bitwise Bitcoin ETF, which recorded approximately $12 million in inflows yesterday, no other Bitcoin ETF saw net inflows. This indicates that a specific ETF is standing out in the market.
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Since their listing, spot Bitcoin ETFs in the US have accumulated a net inflow of $11.77 billion. However, volumes have been steadily declining since peaking in early March. This reflects a shift in market dynamics.
Other Noteworthy Developments in the Sector
Other significant developments in relation to crypto ETFs include Grayscale withdrawing its proposal to list and trade shares of its Ethereum futures ETF. Additionally, the Securities and Exchange Commission’s decision to postpone its ruling on spot Ethereum ETFs is also worth noting in the sector.
Considering all this data, it is crucial to monitor the activity of crypto ETFs, especially Bitcoin ETFs, and the changes occurring in the market. Investors should assess the opportunities and risks stemming from these dynamics. However, the current state of the cryptocurrency market remains a concern for investors.
Looking at the Bitcoin price, BTC is currently trading at $61,390, having dipped to $60,888 overnight. Ethereum is attempting to surpass the $3,000 resistance, currently at $2,985.
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Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.