blackrock
US Bitcoin ETFs Saw $880M in Inflows, Highest Since March
Published
4 weeks agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/wall-street-blockchain-alliance-launches-educational-platform-for-financial-markets.jpg)
![](https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MTc5Mjk3ODU2NDEwNjkxMjY3/wall-street-blockchain-alliance-launches-educational-platform-for-financial-markets.jpg)
U.S. spot Bitcoin exchange-traded funds (ETFs) saw their second-highest daily inflow ever on Tuesday, taking in over $886 million. This marks the largest single-day haul for the funds since March.
NEW: 🇺🇸 #Bitcoin ETFs saw $886 million in inflows yesterday, the 16th straight day of inflows.
We are so back 🙌 pic.twitter.com/Er2KDgXr9E
— Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
The ETFs have now seen 16 straight days of inflows, sparking talk of a “second wave” of demand. Fidelity’s Wise Origin Bitcoin Fund led inflows with $378.7 million, followed by BlackRock’s iShares Bitcoin Trust at $274.4 million.
In total, the spot Bitcoin ETFs hold over $60 billion worth of BTC. Analysts cite renewed institutional interest and Bitcoin’s price resurgence back above $70,000 as drivers of the latest wave of inflows.
It’s the highest daily intake for the funds since March 12, when they took in a record $1.04 billion. The next day, Bitcoin went on to hit an all-time high of $73,679, showing the potential impact of the inflows.
The Grayscale Bitcoin Trust also saw a rare inflow day of $28.2 million, just the seventh since converting to a spot ETF in January. It joins the renewed enthusiasm despite bleeding funds for most of the year.
With major firms like Fidelity and BlackRock spot Bitcoin ETFs now holding tens of billions in assets, the infrastructure for institutional Bitcoin investment continues maturing.
The latest inflow wave follows Australia, the U.K., and Thailand’s recent approval and listing of Bitcoin-regulated funds. With the regulatory climate warming worldwide, Bitcoin ETFs are attracting capital once again.
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Bitcoin
Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week
Published
4 weeks agoon
June 11, 2024By
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Spot Bitcoin exchange-traded funds (ETFs) in the U.S. attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The surge comes as the successful Bitcoin ETFs continue maturing.
Trading volumes across Bitcoin ETFs also rose 55% week-over-week to $12.8 billion. The past week’s haul was Bitcoin funds’ largest since mid-March when Bitcoin hit nearly $74,000.
Significantly, the ETFs acquired around 25,700 BTC last week, almost equal to the entire new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.
The wave of inflows this month has already surpassed May’s total inflows. It follows the regulatory embrace of Bitcoin ETFs in the U.K., Australia and Thailand, while political winds are also shifting positively.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue legitimising Bitcoin as an institutional asset class. Their uninterrupted demand streak further cements Bitcoin’s reputation.
NEW: Global Spot Bitcoin ETFs now hold over $70 billion in #Bitcoin
That's 5% of the BTC supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
The past week’s activity shows investors increasingly treating Bitcoin as a hedge against inflation and uncertainty as interest rate cuts begin in Canada and Europe.
This institutional embrace is why Bitcoin ETFs have quickly ballooned despite launching just months ago. If current momentum sustains, more and more institutional money seem poised to flood the Bitcoin market.
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The recent approval and launch of spot Bitcoin ETFs have brought about notable changes in market dynamics. Among the most significant players affected is Grayscale, a leading institution in the crypto space.
Grayscale’s Bitcoin Holdings Experience Decline
Grayscale, known for its Bitcoin Trust (GBTC), held the highest BTC market capitalization among institutions. However, an in-depth analysis reveals a decline in its Bitcoin holdings over recent months.
From nearly 620,000 BTC in January, Grayscale’s holdings have dwindled to a little over 300,000 BTC at the time of reporting. This decline raises questions about the factors influencing institutional investment strategies in the crypto sector.
Spot Bitcoin ETFs Witness Fluctuating Flows
Following the launch of spot Bitcoin ETFs, the market has witnessed fluctuating flows across various platforms. While certain ETFs have experienced significant volume, others have recorded zero flows, indicating a mixed response from investors. BlackRock’s IBIT and Grayscale’s GBTC have been among the few to register notable flows, with both inflows and outflows observed in recent days.
Source: Coinglass
A closer look at the data reveals consecutive outflows in Bitcoin spot ETFs over the past few days, reminiscent of similar trends observed in March. On the 15th and 16th of April, outflows amounted to nearly $27 million and $58 million, respectively.
Despite these outflows, analysts point out that such fluctuations are not uncommon in the ETF market and may not necessarily indicate product failure.
Analysis Of Flow Patterns Provides Insight
Examining specific flow patterns offers valuable insights into investor behavior and market sentiment. While Grayscale’s GBTC experienced consecutive outflows, BlackRock’s IBIT saw inflows on certain days. This variance underscores the diverse strategies adopted by investors in response to the evolving crypto landscape.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
It’s important to note that zero inflows on certain days are considered normal for ETFs, according to analysts. They emphasized that such occurrences are commonplace across various ETFs and should not be interpreted as a sign of product failure. Instead, they reflect the ebb and flow of investor interest in a rapidly evolving market.
Future Outlook For Bitcoin ETFs
As Bitcoin ETFs continue to gain traction, the market is poised for further evolution. While some platforms may experience fluctuations in flows, the overall trajectory of institutional investment in the crypto sector remains optimistic.
The approval and launch of spot Bitcoin ETFs have sparked shifts in market dynamics, impacting institutions like Grayscale and prompting fluctuations in ETF flows. Despite the volatility, analysts remain optimistic about the long-term prospects of Bitcoin ETFs and their role in shaping the future of finance.
Featured image from DataDrivenInvestor, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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blackrock
Marketplace Platform Unveiled, Price Spike Looming?
Published
3 months agoon
March 28, 2024By
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In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick.
The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform.
VeChain To Onboard A Rapid Tokenizing World
With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy.
Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3.
Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform.
Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming.
MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path. So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year.
VET Is On A Downtrend
Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move.
As of the time of writing, VET was trading at $0.0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours.
In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at $0.281 before the cycle ended.
Featured image from Shutterstock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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