In the past three months, there has been a significant increase in investments in Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) being the frontrunner. After receiving the green light from the US Securities and Exchange Commission (SEC) on January 10, Bitcoin ETF trading has been active.
Alternatively, BlackRock distinguishes itself with an uninterrupted influx of funds for 69 straight days, approaching a potential new record.
Eric Balchunas, an expert on ETFs at Bloomberg, points out this significant milestone, emphasizing the increasing demand for BlackRock’s Bitcoin ETF and the broader acceptance of Bitcoin within the investment community.
BlackRock’s Bitcoin ETF Nearing Top 10 List
For 69 straight days, BlackRock’s iShares Bitcoin Trust ETF has seen an increase in investments. With one more day of inflows, this ETF will join the top ten list, equaling the daily investment volume of the JETS Airline ETF.
Exploring the detailed information about the money flowing in, IBIT has observed an average intake of approximately $223.4 million per month during April’s trading sessions. According to additional data from a different source, the ETF experienced its peak inflow at around $849 million and its lowest inflow at only $18 million.
Instead of “In comparison,” you could say “To be specific,” or “Notably,” or “On the other hand.” As for paraphrasing the rest of the sentence: The FBTC ETF by Fidelity saw an average investment of $118 million per day in April, with a peak of $473 million.
Three specific days in April (12th, 15th, and 17th) saw no new investments in Fidelity’s ETF. In contrast, the majority of other ETFs went without any inflows for over eight days during that month. This observation underscores the significant demand from investors for Fidelity and BlackRock’s Bitcoin ETFs.
Instead of that, the Grayscale Bitcoin Trust (GBTC) saw a considerable decrease in Bitcoin holdings over the last quarter, with approximately 300,000 Bitcoins withdrawn. In April specifically, GBTC recorded outflows totaling more than $1.6 billion. Conversely, BlackRock’s Bitcoin ETF has seen significant Bitcoin inflows worth a similar amount during this period.
Considering recent advancements, Grayscale seems to be making efforts to enhance performance and attract more investments to its assets under management (AuM).
Grayscale Introduces Low-Fee “Mini Bitcoin ETF”
Grayscale has announced plans to introduce a new variation of its GBTC fund, named “Mini Bitcoin ETF,” which will have a lower fee of only 0.15%. This fee is anticipated to be the smallest among all currently offered spot Bitcoin ETFs, based on Grayscale’s recent filing.
This action can be interpreted as a calculated reaction to Grayscale’s recent difficulties, such as the lack of new investments into its main product due to its currently high 1.5% fee.
Grayscale is planning to win back investor favor with the upcoming introduction of the Bitcoin Mini Trust, boasting a low fee of 0.15%. Currently, the Franklin Bitcoin ETF (EZBC) holds this distinction with its fee at 0.19% being the least expensive among Bitcoin ETFs.
BTC is trading at $66,300, up 2% over the past 24 hours.
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2024-04-23 03:11