As a seasoned researcher with over two decades of experience in financial markets, I find myself both intrigued and somewhat skeptical about the recent developments in Bitcoin ETFs. On one hand, the staggering outflows from major players like Grayscale and Bitwise are undeniably concerning, suggesting a potential shift in market sentiment. On the other, it’s encouraging to see newcomers like Fidelity Wise Origin and ARK 21Shares attracting substantial inflows, indicating growing institutional interest.
On Monday, Bitcoin exchange-traded funds logged $580 million worth of outflows. These are the largest single-day outflows to date, according to data provided by Bianco Research.
Fidelity Wise Origin Bitcoin Fund (FBTC) recorded as much as $169 million worth of inflows.
The ARK 21Shares Bitcoin ETF (ARKB) comes in second place with $138 million.
The Grayscale Bitcoin Mini Trust ETF (BTC) and the Bitwise Bitcoin ETF (BITB) experienced significant withdrawals totaling approximately $89.5 million and $79.8 million, respectively, which can be described as substantial outflows of funds.
It’s not shocking that BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only ETF that saw gains, as it brought in $26 million on Monday even while other products experienced significant outflows.
According to a report from U.Today, Jim Bianco, president and macro strategist at Bianco Research, has stirred up debate within the Bitcoin community by reiterating his belief that exchange-traded fund (ETF) products are not bringing in new investments. He suggests this is why the price of Bitcoin has not significantly increased, despite the record inflows into ETF products last week.
Currently, Bitcoin is being traded at approximately $68,567, having decreased by 0.6% over the past day. Earlier in the week, it reached a high of around $73,000, but failed to set a new record high despite bullish efforts.
Data from SoSo Value shows that Ethereum Exchange Traded Funds (ETFs) have experienced substantial withdrawals totaling approximately $63 million. Specifically, the Grayscale Ethereum Mini Trust ETF (ETH) and Fidelity Ethereum Fund (FETH) had outflows of $31.94 million and $31.5 million respectively.
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2024-11-05 09:23