US spot bitcoin ETFs shed $140 million as fund exit continues
The U.S. spot bitcoin ETFs saw $139.88 million in daily net outflows on Thursday.This marked the fifth consecutive day of net outflows for the funds.
Spot bitcoin exchange-traded funds in the U.S. saw their fifth consecutive day of net outflows, with $139.88 million moving out from the funds on Thursday.
Grayscale’s GBTC led the pack yesterday with a daily net outflow of $53 million, closely followed by Fidelity’s FBTC, which posted outflows of $51 million, according to data from SoSoValue. Bitwise’s BITB reported $32 million in net outflows, while VanEck’s ETF logged net outflows of $4 million. The fund from Invesco and Galaxy Digital saw $2 million in net outflows.
The only net inflows came from BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net asset value. IBIT saw $1 million in net inflows and recorded $565 million in daily trade volume on Thursday. Other funds from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
The total trading volume for the ETFs amounted to $1.16 billion on Thursday, down from Tuesday’s $1.7 billion. Since their inception in January, the 11 spot bitcoin funds have accumulated a total net inflow of $14.67 billion as of Thursday. The market was closed on Wednesday for a public holiday.
The price of bitcoin fell 1% in the past 24 hours to $64,471 at the time of writing, according to The Block’s bitcoin price page .
In related ETF news, Australia’s largest stock exchange ASX listed its first spot bitcoin ETF on Thursday. The VanEck Bitcoin ETF operates as a feeder fund that provides bitcoin exposure by investing in the U.S.-listed VanEck Bitcoin Trust (HODL). Despite having had spot crypto ETFs since 2022, the addition of the bitcoin fund to ASX seemingly reflects efforts to match the crypto ETF momentum in the U.S. and Hong Kong .
Meanwhile, U.S. ETF issuers are working towards the launch of the country's first batch of spot ether funds. According to two sources, issuers received comments from the Securities and Exchange Commission last week regarding the S-1 forms for ether ETFs. They are now working to re-submit the amended forms by Friday, The Block reported earlier this week.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Democrats Sweep Congress! Morgan Stanley Emergency Redraws Trade Map: Overweight Stocks Remain, AI Data Centers Become the Biggest Losers
Due to rising expectations for restrictive measures on data centers, market sentiment in the AI sector may be further negatively affected. However, Morgan Stanley's overall outlook remains intact, expecting resilient economic growth and continued gradual decline in inflation.
Solana falls below $100, Ethereum struggles at $2,317 as sellers dominate
CVS Health (CVS.US) Exceeds Expectations for Eight Consecutive Quarters, Plunges 12.5% Overnight After "One Becomes Two" Split! Why Doesn't the Split Lead to a Revaluation?
On Wednesday, CVS Health (CVS.US) announced plans to split into two separate entities, while also delivering its eighth consecutive quarter of earnings that beat expectations. The company’s 2027 profit guidance also surpassed Wall Street consensus. However, the market reacted in the opposite way: at the close of trading overnight, the company’s stock price plunged by 12.5%.
Crypto prices
More
