The spot ETFs for US Bitcoin (BTC) were launched eleven trading days ago. Since then, things haven’t been going well for the Bitcoin price. Largely due to outflows from Grayscale’s GBTC ETF, BTC price fell sharply. The fund has been seeing outflows day after day, but now it appears that outflows from the Grayscale ETF are slowing.
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GBTC outflow is decreasing
GBTC was listed on Monday an outflow of 8600 BTC worth $360 million. Last Friday there were 10,900 BTC worth $450 million. So GBTC outflow is starting to weaken.
Bloomberg’s James Seyffart reports that $5 billion in outflows have already been recorded since GBTC launched as a spot Bitcoin ETF. So on Monday it was $360 million. Despite GBTC’s continued outflows, the other ETFs were able to offset this on Monday. In total, inflows amounted to $759 million.
After GBTC, Blackrock’s IBIT ETF is the biggest player. The exchange fund currently has more than 52,000 BTC, worth more than $2 billion. What is noteworthy is that the daily inflow of BTC to the IBIT ETF is higher than the number of BTC generated per day by miners. 900 Bitcoins are mined every day. Blackrock customers alone buy two to five times more BTC.
Positive signals for Bitcoin
This week will show whether the outflow from the GBTC ETF will continue to slow and whether the inflow from the other ETFs will continue to increase. By the way, Google is approving advertising for Bitcoin ETFs starting today. This could also be a catalyst for the developments mentioned above.
Tether, the issuer of USDT, also minted no less than 1 billion new USDT tokens today. Typically, a new influx of USDT tokens is accompanied by rising crypto prices. All in all, after the disappointing days on the crypto market, things aren’t looking so bad at the moment.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT ($999,867,499), minted in Tether Treasury
– Whale Alert (@whale_alert) January 29, 2024
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