The long-awaited Bitcoin (BTC) spot exchange-traded funds (ETFs) were launched last week and have already generated very impressive sales in three trading days.
The 11 spot Bitcoin ETFs launched last Thursday, January 11, and collectively achieved volume three times higher than all 500 ETFs launched in 2023 combined.
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Bitcoin spot ETF reaches $10 billion in volume in three days
Monday was Martin Luther King Day and all financial markets in the US were closed. That means the 11 Bitcoin ETFs reached nearly $10 billion in volume in just three days.
ETF expert James Seyffart from Bloomberg published these numbers last night:
Updated due to a scaling error in the bars for the Assets column
h/t @quantian1 pic.twitter.com/HuUZELImwLā James Seyffart (@JSeyff) January 16, 2024
Bitcoin ETFs reached over $1.9 billion in volume yesterday, January 16th. In comparison, all 500 ETFs launched in 2023 only reached a combined volume of $450 million.
The best ETF from this group only achieved $45 million. reports Bloomberg colleague Eric Balchunas.
The best-performing Bitcoin ETF unexpectedly remains that of BlackRock, the world's largest asset manager. The iShares exchange fund has seen a net inflow of nearly $498 million in recent days.
This is followed by Fidelity's fund with an inflow of $422.3 million and Bitwise with $237.0 million.
The huge outflow from Grayscale, the world's largest Bitcoin fund
The Grayscale fund already existed, but was converted into an ETF along with the approval of the other ETFs. Although the largest volume came in the first three days, almost $580 million of that was outflows.
There is speculation that many investors are switching from Grayscale's GBTC fund to other Bitcoin ETFs because they have lower costs.
Investors are therefore wondering why Grayscale doesn't decide to cut costs. Seyffart speculates that today A day could follow where net outflows exceed inflows in Bitcoin ETFs.
Despite the success of the Bitcoin ETFs, which the market had been waiting for for years, a strong increase in the Bitcoin price has so far failed to materialize.
Bitcoin price briefly shot towards $49,000 after launch, but crashed to the current region between $42,000 and $43,000 a day later.
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