US Spot Bitcoin ETFs Witness Capital Inflow Surge; Hashdex Joins as 11th Issuer
Summary:
The US spot Bitcoin (BTC) exchange-traded funds (ETFs) are experiencing a rebound in capital inflow after a five-day series of withdrawals. A surge in Blackrock’s and Fidelity’s funds resulted in a combined net inflow of $418 million across ten newly approved Bitcoin ETFs. Despite ongoing outflows from Grayscale’s Bitcoin Trust, the influx into other funds has outpaced these losses. Cryptocurrency asset management firm Hashdex recently solidified its status as the eleventh spot Bitcoin ETF issuer in the US.
US spot Bitcoin (BTC) exchange-traded funds (ETFs) are witnessing a resurgence of capital inflow after a five-day period of continuous net egress. Blackrock’s and Fidelity’s funds played a lead role in this turnaround, leading to a combined net inflow of $418 million into ten newly ratified spot Bitcoin ETFs on March 26, based on data from Farside Investors.
Fidelity's fund marked its highest daily inflow since March 13, securing $279.1 million on March 26. This influx came as the investment giant acquired an additional 4,000 BTC, making it the second day consecutively that the fund accumulated inflows over $260 million.
Meanwhile, BlackRock’s fund saw an inflow of $162.2 million. However, this represents a decrease compared to earlier this month, when daily inflows averaged over $300 million. Likewise, the Ark 21Shares Bitcoin ETF fund claimed its best day since March 12, with $73.6 million in inflows. Invesco Galaxy, Franklin Templeton, and Valkyrie also each noted over $26 million in inflows across their respective funds.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) persisted with outflows, recording a daily outflow of $212 million. Nevertheless, this deficit couldn't outdo the net inflow success of its rivals. From its conversion from a trust to an ETF on Jan. 11, Grayscale has lost 277,393 BTC valued at approximately $19.5 billion at current rates.
Highlighting the Bitcoin ETFs presence on a chart of the 30 largest asset funds within their initial 50 days of trading in a March 26 report was Bloomberg's senior ETF analyst Eric Balchunas. Four Bitcoin ETFs, notably BlackRock’s IBIT and Fidelity’s FBTC, were included in the list of global funds, standing "in a league of their own," according to Balchunas. He observed that even the Bitwise Bitcoin ETF (BITB), currently the 18th largest by assets under management, surpassed the world's largest SPDR Gold Shares (GLD) fund.
On March 26, crypto asset management company Hashdex secured its position as the eleventh issuer of spot Bitcoin ETF in the US, converting its futures fund to a spot product now trading under the DEFI ticker.
Published At
3/27/2024 8:44:11 AM
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