While Grayscale Bitcoin Trust Experiences Outflows, Inflows Accelerate in Bitwise Bitcoin ETF

  • In just the first three days on Wall Street, these Bitcoin ETFs collectively recorded transaction volumes exceeding $10 billion.
  • According to CC15Capital, Bitwise Bitcoin Spot ETF (BITB) netted a total of 1,598 Bitcoins in the latest trading session.
  • Grayscale Bitcoin Trust (GBTC) is witnessing strong outflows after the launch of spot Bitcoin ETFs last week.

As spot Bitcoin ETFs quickly amass a significant volume, outflows from GBTC shares accelerate: Current updates!

Bitwise’s Spot Bitcoin ETF Stands Out

Bitcoin-BTC

The spot Bitcoin ETF market has witnessed significant developments in its first week since launch. In just the first three days on Wall Street, these Bitcoin ETFs collectively recorded transaction volumes exceeding $10 billion. Bitwise CEO Hunter Horsley announced that Bitwise Bitcoin ETF experienced a total inflow of $370 million in four days, withdrawing an additional $68 million. Horsley expressed gratitude for investors trusting Bitwise to manage their assets in the cryptocurrency space.

One noteworthy aspect of Bitwise is its purchase of all Bitcoins in the underlying spot ETFs using BRRNY vwap. According to CC15Capital, Bitwise Bitcoin Spot ETF (BITB) netted a total of 1,598 Bitcoins in the latest trading session. As of January 17, the BITB ETF held approximately 8,309 Bitcoins valued at around $358 million. In the last trading day, BITB saw trading volume where approximately 2.9 million shares, totaling around $70 million, changed hands.

Grayscale Bitcoin Trust (GBTC) is experiencing strong outflows after the launch of spot Bitcoin ETFs last week. ETFs offer the opportunity to hold Bitcoins in a more regulated and secure manner. Market analysts believe that a significant portion of the outflows from GBTC is due to strong inflows into ETFs.

Bloomberg strategist James Seyffart emphasizes that this trend is not being adequately considered, mentioning a significant shift in funds from Grayscale Bitcoin Trust (GBTC). Seyffart predicts a substantial outflow of about $594 million from GBTC, totaling an outflow of $1.173 billion.

Seyffart questions uncertainties related to GBTC outflows

Despite many entries into other BTC ETFs, the analyst questions whether these inflows are sufficient to offset the significant outflow from GBTC. Seyffart highlights conversations with knowledgeable sources, particularly addressing uncertainties within the on-chain scope related to GBTC.

Amidst all these developments, the Bitcoin price is trading steadily around $46,500 with a market cap of $835 billion. Earlier this week, on Tuesday, January 16, the Bitcoin network recorded the largest Bitcoin transaction, transferring about 43,000 Bitcoins in almost an hour.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum Whale Sells 2000 ETH Amid Market Uptrend Despite Holding Losses

COINOTAG News reports that a significant Ethereum whale, identified...

Bitcoin Poised for Volatility Amid Central Bank Events and Whale Movements, Targeting $112,000

According to a recent report by Decrypt, market participants...

Massive SOL Movement: 1 Million SOL Redeemed and 240,000 SOL Deposited to Binance in Recent Days

According to recent data from LookIntoChain, two prominent wallets,...

Ethereum Whale’s 50,000 ETH Short Position Faces Shrinking Unrealized Gains Amid Market Volatility

According to data from HyperInsight, a prominent whale known...

Insider Trader Liquidates 8,000 ETH in $1 Million Loss Amid Massive 40x Short Position

On-chain data reveals a significant liquidation event involving a...

Robinhood EU Explodes With New Crypto and Stock Listings: Full List of Hot Stocks and Cryptos Just Added!

Robinhood EU unlocks access to dozens of major stocks and cryptos, including AAPL, AMZN, NVDA, ETHA, FBTC, RIOT, and more. Explore the complete list and seize fresh market opportunities now.
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img