Record-Breaking Inflows for US Bitcoin ETFs; Kraken Secures Dutch License
Summary:
On February 8, US spot Bitcoin ETFs secured $403 million, marking the third-largest daily inflow. Within their first month, BlackRock and Fidelity's Bitcoin ETFs gathered more assets than any other new ETF in America in the last 30 years, surpassing $3 billion in just 17 trading days. Meanwhile, Dutch authorities granted cryptocurrency exchange Kraken a license to operate in the Netherlands, marking its fourth European accreditation.
On February 8, U.S. spot Bitcoin exchange-traded funds (ETFs) achieved an inflow of $403 million, marking the third highest daily inflow to date. Bitcoin ETFs from financial giants BlackRock and Fidelity have amassed more assets in their first month than any debut ETF in the past 30 years in America. In other updates, the Netherlands has given the green light for cryptocurrency exchange Kraken to operate in the country.
With the Bitcoin price hitting above $46,000, the spot Bitcoin ETFs in U.S. witnessed an inflow of $403 million on the same day, recording one of their biggest influxes despite over $100 million exiting the Grayscale Bitcoin Trust (GBTC). With $2.1 billion inflowing into Bitcoin ETFs since their initiation on January 11, there's a clear market demand for Bitcoin.
BlackRock's iShares Bitcoin Trust (IBIT) is leading the ETF inflow charts with $204 million, followed by Fidelity at $128 million, ARK 21Shares at $86 million, and Bitwise at $60 million. The other seven ETFs received combined inflows of $27 million, while GBTC saw another outflow of $102 million.
Within their first month of trading, BlackRock and Fidelity's Bitcoin ETFs set records in the U.S market, securing more than $3 billion in assets in just 17 trading days. BlackRock's IBIT and Fidelity's FBTC carry the distinction of having achieved something none of the other 5,500 ETFs managed to do in 30 years.
Regarding BlackRock and Fidelity's Bitcoin ETFs, Bloomberg's ETF analyst, Eric Balchunas, termed their success as 'unprecedented'. He explained that unlike most top-ranked ETFs, which are 'Bring Your Own Assets' type where one investor owns all assets, BlackRock and Fidelity's ETFs witnessed consistent inflows every trading day from their launch.
Kraken, the U.S-based crypto exchange, has recently obtained a virtual asset provider (VASP) license in the Netherlands, marking its fourth accreditation in Europe. This registration lets Kraken provide transfer and exchange services, along with custody and wallet services. With about 20% of the Dutch population owning cryptocurrencies, this development for Kraken is a significant addition to their European growth strategy, which includes Spain, Italy, Ireland, and Belgium via a licensed subsidiary.
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Published At
2/9/2024 2:24:08 PM
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