On Wednesday, January 10, the US Securities and Exchange Commission (SEC) finally approved the launch of Bitcoin spot ETFs, representing a notable event in US trading history. So far, the Market data on these investment funds has confirmed theories of increased institutional demand for Bitcoin, with over $800 million in total net inflows and $3.6 billion in trading volume recorded during the first two days of trading. Although these inflows have yet to be reflected in the price of BTC, with the leading cryptocurrency falling 2% in the last week, Bitcoin ETFs have certainly started with a bang that is indicative of potential gains for the world's largest asset. and the general market. crypto market.
Bitcoin Spot ETFs Draw Over $1.4 Billion in Two Days – Bloomberg Data
In a Jan. 13 X post, Bloomberg ETF analyst Eric Balchunas shared some insights into the impressive performance of Bitcoin spot ETFs in their first week of trading. Balchunas noted that of the 11 approved spot BTC ETFs, nine have recorded a total inflow of more than $1.4 billion. Leading the pack is BlackRock's IBIT, with an estimated asset inflow of $497.7 million, followed closely by Fidelity's FBTC, which has around $422.3 million in investments. The Bitwise and ARK/21 Shares BTC spot ETFs have also produced significantly positive performance, attracting $237.9 million and $105.2 million, respectively. On the other hand, Grayscale's GBTC has been the market underdog, recording an impressive outflow of $579 million during the first two days of trading.
Source: Bloomberg Following the SEC's approval on Wednesday, investors got a lot out of GBTC, which recently converted from a closed-end fund to a spot ETF. SkyBridge Capital founder Anthony Scaramucci already commented on this trend and described it as one of the possible reasons behind Bitcoin's decline in the last week. In total, the Bitcoin ETF spot market recorded an impressive net inflow of $818.9 million in its first week of trading. These numbers are likely to improve in the coming weeks as sales volume eventually declines. Meanwhile, investors are still anticipating the debut of Hashdex's spot ETF, DEFI, which is in the process of converting funds from the company's Bitcoin futures ETF.
BTC Price Overview
At the time of writing, Bitcoin is trading at $42,980, reflecting a 0.73% loss over the past day. Meanwhile, the token's daily trading volume has plummeted by 62.33% and is now valued at $16.9 billion. However, with a market capitalization of $842.23 billion, Bitcoin remains the largest cryptocurrency in the world.
BTC is trading at $42,916.07 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from Yahoo Finance, Tradingview chart Disclaimer: The article is provided for educational purposes only. It does not represent CriptoPasion's opinions on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
