Bitcoin ETF
Institutional Inflows to Bitcoin ETFs Show Promising Indicator, Says Coinbase Report
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1 month agoon
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adminCoinbase has reported that updated 2Q 2024 13-F filings indicate a notable increase in institutional inflows into U.S. spot Bitcoin ETFs, which the company views as a “promising indicator” for the Bitcoin market. The 13-F filings, released on August 14, reveal that institutional ownership of these ETFs grew from 21.4% to 24.0% between Q1 and Q2 of 2024.
Significantly, the proportion of ETF shares held by the “investment advisor” category rose from 29.8% to 36.6%, signaling heightened interest from wealth management firms. Notable new holders include Goldman Sachs and Morgan Stanley, who added $412 million and $188 million worth of shares, respectively. Despite Bitcoin’s price drop during the quarter, net inflows into spot Bitcoin ETFs reached $2.4 billion.
“The ETF complex saw net inflows of $2.4B during this period, although the total AUM of spot bitcoin ETFs dropped from $59.3B to $51.8B (due to BTC dropping from $70,700 to $60,300),” Coinbase reported. “We think that the continued ETF inflows during bitcoin’s underperformance may be a promising indicator of sustained interest in crypto from the new pools of capital that the ETFs give access to.”
Coinbase expects this growth to continue as more brokerage houses complete their due diligence on Bitcoin ETFs, particularly among registered investment advisors. However, the report also notes that short-term inflows may be tempered by seasonal factors and current market volatility.
“In our view, it’s likely that we will see the proportion of investment advisor holdings continue to increase as more brokerage houses complete their due diligence on these funds,” the report stated. “We may not immediately see large inflows emerge in the short-term, as soliciting clients may be harder to do during the summer, when more people are on vacation, liquidity tends to be thinner and the price action might be choppy.”
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Bitcoin ETF
BlackRock Releases a New Report, "Bitcoin: A Unique Diversifier"
Published
2 days agoon
September 18, 2024By
adminAsset management giant BlackRock, with over $10 trillion in assets under management, has published a new report touting Bitcoin as a unique portfolio diversifier. This marks the latest embrace of Bitcoin from the world’s largest asset manager.
Earlier this year, BlackRock launched a Bitcoin exchange-traded fund (IBIT), rapidly becoming one of the most successful ETF launches ever. The Bitcoin ETF already has over $21 billion in assets under management.
BlackRock CEO Larry Fink also recently changed his sceptical stance on Bitcoin, admitting he was “wrong” to dismiss it. The firm has steadily released research explaining Bitcoin’s potential role for investors.
The new report explains that while volatile, Bitcoin is fundamentally detached from other asset classes over the long term. It argues Bitcoin’s adoption depends on global concerns over monetary stability, geopolitics, fiscal policy, and political stability – the inverse of traditional “risk assets.”
“Bitcoin, as the first decentralized, non-sovereign monetary alternative to gain widespread global adoption, has no traditional counterparty risk, depends on no centralized system, and is not driven by any one country’s fortunes,” the report states.
As major traditional finance players like BlackRock increasingly embrace Bitcoin, its reputation and adoption will likely accelerate, bringing it further into the mainstream. BlackRock’s continued pro-Bitcoin stance reflects growing acceptance by global financial institutions.
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Bitcoin
Spot Bitcoin and Ethereum ETFs log joint negative flows
Published
1 week agoon
September 12, 2024By
adminSpot Bitcoin and Ethereum exchange-traded funds in the United States experienced joint outflows on Sept. 11 following the joint positive flows recorded the previous day.
According to data from SoSoValue, the 12 spot Bitcoin ETFs in the U.S. logged a net outflow of $43.97 million on Sept. 11, ending their two-day streak of positive flows.
Interestingly, ARK 21Shares’ ARKB recorded the largest outflows among the ETFs yesterday, with $54 million in withdrawals, as reported by SoSoValue. Grayscale’s GBTC followed with net outflows amounting to $4.6 million, while its Bitcoin Mini Trust registered outflows of approximately $511,230.
On the other hand, Fidelity’s FBTC led the inflows for the day, recording $12.6 million in net additions. Invesco’s BTCO followed with $2.6 million in inflows. The remaining seven BTC ETFs including BlackRock‘s IBIT saw no trading activity on the day. Notably, IBIT, the largest spot BTC ETF by net assets has not seen any net inflows since Aug. 26.
Overall, these ETFs have seen net positive flows in the last three days, with total inflows into all spot BTC ETFs at approximately $101.7 million.
Total trading volume for the 12 BTC ETFs jumped to $1.27 billion on Sept. 11, significantly higher than the $717 million seen the previous day. These funds have recorded a cumulative total net inflow of $17 billion since inception. At the time of writing, Bitcoin (BTC) was up 2.7% over the past day, trading at $57,932, per data from crypto.news.
Meanwhile, the nine U.S. spot Ethereum ETFs also recorded a net outflow of $542,870 on Sept. 11, led by VanEck’s ETHV with $1.7 million in outflows. Fidelity’s FETH was the only ETF to record inflows, at $1.2 million. However, it was significantly lower than ETHV’s outflows and could not offset the overall loss.
The remaining Ether ETFs remained neutral on that day.
These investment vehicles have also seen their daily trading volume rise to $126.2 million on Sept. 11, a jump over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $562.6 million to date. At the time of publication, Ethereum (ETH) was also up by 1%, exchanging hands at $2,354.
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Bitcoin ETF
Bitcoin ETFs outflow $706m: BlackRock, WisdomTree buck trend
Published
2 weeks agoon
September 7, 2024By
adminOutflows from U.S. spot Bitcoin ETFs, or exchange-traded funds, surpassed $706 million this week as bears pushed Bitcoin to $53,304 — its lowest level since Aug. 5.
According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $169.97 million in net outflows on Sep. 6, with Grayscale and Fidelity leading the pack.
- Fidelity’s FBTC shed $85.5 million, with the fund experiencing negative flows for the past seven trading days.
- Grayscale’s GBTC added to the exit liquidity, with $52.9 million leaving the fund, bringing total losses to over $20 billion since its inception. Over the past eight days, the fund has lost $279.9 million, continuing its outflow streak since Aug. 27.
- Bitwise’s BITB saw outflows of $14.3 million
- ARK 21Shares’ ARKB, $7.2 million
- Grayscale’s Bitcoin mini trust, $5.5 million
- Valkyrie’s BRRR, $4.6 million
BlackRock, WisdomTree avoid outflows
BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week. However, they recorded no new inflows in the last two days.
This investor hesitancy coincides with Bitcoin’s recent dip. The bellwether crypto was back up to $54,333 at the time of writing after briefly touching $52,690—its lowest point since Aug 5. Yet BTC was down 3% over the past day.
Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648, reached on Aug. 26. The turbulence intensified over the past 24 hours as $113.86 million in Bitcoin positions were liquidated, according to Coinglass.
Bitcoin’s price drop came amid growing unease in the crypto market, fueled by what is dubbed the “Redtember” seasonal slump and uncertainty over potential U.S. interest rate cuts. These factors dampened investor confidence and glorified market volatility.
According to data from Alternative, the widely monitored Crypto Fear and Greed Index still stands at 23, its lowest level in over a month. This indicates high investor anxiety and a risk-averse market environment.
Further downside expected
Technical indicators suggest that a death cross could form soon, with the 50-day and 200-day Exponential Moving Averages nearing a crossover. Death crosses are one of the most feared patterns in technical analysis. Bitcoin plummeted more than 67% after forming a death cross in January 2022.
Analysts on social media platform X also maintained a bearish outlook. According to crypto analyst Pushpendra Singh Digital, BTC is stuck in a falling wedge pattern.
He suggests a breakout above the wedge around the $57,800 to $58,000 range could lead to a strong upward move.
However, if BTC drops below the support trendline around $54,000, it could lead to further downsides.
Echoing this cautious sentiment, a 1D BTC/USDT chart shared by Crypto analyst Nika also highlighted Bitcoin’s struggle to climb above the $58,000 level.
If the cryptocurrency fails to clear this resistance zone, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.
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