09 Apr

Based on preliminary statistics from Farside Investors, the newly established eleven spot Bitcoin ETFs had an overall outflow of $224 million on Monday, April 8.

Four days of inflows totaling $570 million net poured into the institutional investment products are now reversed.

Grayscale witnessed its biggest GBTC outflow since March 25th, which compounded this week's outflow once further.

Is the ETF Wave Ending?

On the day, GBTC lost $303 million, or almost 4,300 BTC. $15.8 billion has been removed from the fund since it was changed to a spot ETF in January, which is equal to 48% of the Bitcoin that was held in the fund prior to the conversion.

HODL15Capital reported that the new ETFs purchased 520,544 BTC in three months, resulting in a net increase of almost 220,000 BTC, notwithstanding GBTC outflows.

Both Fidelity and BlackRock experienced extremely low inflow days, with $6.3 million and $21.3 million, respectively.

With an inflow of $40.3 million, the Bitwise BITB ETF was the top fund of the day. With a $9.3 million inflow, ARK 21Shares' ARKB ranked third, but overall ETF inflow data was lacking.

Taking a broader view, Eric Balchunas, a Bloomberg ETF analyst, noted that IBIT (BlackRock) and FBTC (Fidelity) have now taken profits for 59 days in a row and are now among the top 20 all-time.

The withdrawal occurs as the price of Bitcoin reaches its highest point in more than three weeks, hitting $72,500 in late trade on April 8. During the Tuesday morning Asian trading session, the asset has somewhat retreated; as of this writing, it is trading for $71,181.

This week is expected to be volatile as a number of important US inflation statistics are reported.

Roundup of ETF News

Defiance just submitted its application for a 2x leveraged Ethereum futures ETF, which may trade with the ticker ETHL, according to a report by Bloomberg ETF analyst James Seyffart on April 8.

This is the same business, he continued, that just submitted an application for a 2x leveraged Microstrategy ETF.

Additionally, according to Seyffart, the SEC has postponed deciding whether or not to permit options on spot Bitcoin ETFs.

The SEC, CFTC, and OCC are among the authorities that must approve this, he continued, so it "could take a while, and there's no set time frame for all of it to be done." 

April 2024, Cryptoniteuae

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