Bitcoin ETFs Absorb $400 Million In One Day, Surpass $2 Billion Since Launch
Bitcoin ETF inflows are not slowing down as BTC re-approaches a 23-month high.
Bitcoin spot ETFs recorded $400 million of net inflows on Thursday, bringing their total inflows since launch beyond $2 billion for the first time.
The inflows were coupled by a surge in Bitcoin’s price late this week, taking it to $48,000 as of Friday.
Bitcoin ETF Inflows Outpacing Grayscale
In terms of daily flows , Thursday was the third best day yet for Bitcoin ETFs since going live on January 11. Their best performance remains the day of launch when they raked in $655 million in total, followed by January 17 when they absorbed $453 million.
These figures include flows from the Grayscale Bitcoin Trust (GBTC) – the existing fund that converted into a spot ETF last month. Since the fund’s 1.5% management fee is considerably higher than its competitors, the fund has suffered $6.3 billion of outflows since conversion, without a single day of inflows since that time.
That said, its outflows have slowed considerably in recent weeks, from ~$500 million per day three weeks ago to ~$100 million per day this month.
On Thursday, the fund suffered $101.6 million in outflows. By contrast, with the exception of Franklin Templeton, eight out of nine funds managed by rivals were net gainers on Thursday, absorbing $506.7 million in total.
BlackRock And Fidelity’s Massive Flows
Most of those flows went to the top two newcomers, BlackRock and Fidelity, whose funds absorbed $204.1 million and $128.3 million respectively. The tallied an impressive daily volume of $480.3 million, trumping Grayscale’s $371.8 million figure.
“Normally it takes 5-10 years for a newborn to get even close to toppling a category’s liquidity king(s),” said Bloomberg ETF analyst Eric Balchunas about BlackRock’s ETF volume overcoming Grayscale’s. “They’ll all go back and forth for a bit each day but over time the gap will grow.”
Opposite Grayscale, both BlackRock and Fidelity still carry a flawless streak of daily inflows over their first month of activity. In fact, both funds have broken the record for the most assets any newborn ETF has ever recorded in their first 30 days live – and they still have two days to go.
Two other Bitcoin ETFs launched by Bitwise and Ark Invest also cracked the top 25.
By the end of the year, Bloomberg’s James Seyffart said he’d “likely take the over” on new Bitcoin ETFs surpassing $10 billion in total assets.
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
Salesforce surges! Is the “software doomsday” over? Q3 guidance exceeds expectations, expands cooperation with Anthropic | Financial Report Insights
Salesforce reported Q2 revenue of $11.35 billion, up 11% year-on-year; net profit reached $3.53 billion, an 87% increase year-on-year. Q3 revenue guidance is between $11.42 billion and $11.5 billion, with remaining performance obligations for the period totaling $33.5 billion, both surpassing market expectations. AI product ARR is nearing $4 billion, with Agentforce surging 240% year-on-year. The company also announced an in-depth collaboration with Anthropic to launch "Claudeforce". Salesforce shares rose as much as 14% after hours.
Basent or reshaping US bond issuance strategy? Wall Street debates cutting long-term US bond issuance, November refinancing meeting becomes key
U.S. Treasury Secretary Janet Yellen's recent, more proactive involvement in the U.S. Treasury market is prompting Wall Street to reassess the government's future debt financing strategies.
"Depreciation trades" make a comeback! Gold and Bitcoin ETF attract about $7 billion in five days as two major scarce assets strengthen together
As concerns over the U.S. fiscal deficit, government debt, and the outlook for the dollar resurface in the market, investors are flocking to both gold and bitcoin simultaneously, instead of choosing between the two assets.
Nvidia's last quarter revenue doubled and exceeded expectations; this quarter is expected to surpass the $100 billion mark for the first time, with next fiscal year's growth guidance crushing estimates | Earnings Watch
In the second fiscal quarter, Nvidia reported its highest year-over-year revenue growth in two years, with data center revenue increasing 117% year-over-year and a gross margin steady at 75% compared to the previous quarter. The company recorded nearly $7.8 billion in net gains from equity securities for the quarter. For the third fiscal quarter, the midpoint of revenue guidance indicates a year-over-year slowdown to nearly 90%. Excluding data center computing revenue from China, this did not surpass the most optimistic institutional expectations. The gross margin guidance midpoint slipped to 74%, slightly below expectations. Nvidia stated that Rubin is accelerating into full-scale production. Jensen Huang said that AI has reached an inflection point, and computing power now translates directly into revenue. After the earnings report, shares initially dropped 4% in after-hours trading. However, as the earnings call revealed a projected 70% increase in next fiscal year revenue and Amazon pledged to substantially increase its adoption of Nvidia products, the stock rebounded to nearly a 5% gain after hours.
Crypto prices
More
