Bitcoin ETF
Bitcoin and Ethereum ETFs see first joint positive inflows since Ether ETF launch
Published
4 months agoon
By
adminSpot Bitcoin and Ethereum exchange-traded funds in the United States saw joint positive inflows for the first time on Aug. 1 since the launch of the nine spot Ether ETFs on July 23.
Bitcoin ETFs see $50.6m in inflows
According to data from Farside Investors, the 11 spot Bitcoin ETFs recorded a net inflow of roughly $50.6 million on Aug. 1, led by Grayscale’s newly launched Grayscale Bitcoin Mini Trust, which alone recorded a substantial $191.1 million in inflows.
Blackrock’s IBIT followed with a more modest inflow of $25.9 while continuing its third consecutive month without any outflows. Meanwhile, Grayscale’s GBTC experienced the most significant net outflows among the competing products with $71.3 million.
This was followed by Fidelity’s FBTC with $48.4 million in net outflows, Ark and 21Shares’ ARKB with $22.4 million, Bitwise BITB with $20.7 million, and VanEck’s HODL with $3.6 million in net outflows. The remaining Bitcoin ETFs remained neutral.
According to SoSoValue data, the total daily trading volume for these spot Bitcoin ETFs was $2.91 billion on Thursday, Aug. 1, much higher than the $1.37 billion recorded on Tuesday, July 30, and Wednesday, July 31.
Ethereum ETFs also record positive inflows of $26.7m
The daily net inflows into the nine U.S. spot Ethereum ETFs also remained positive despite Grayscale’s Ethereum Trust (ETHE) experiencing cumulative outflows exceeding $2 billion.
On Aug. 1, the Ethereum ETFs recorded a net inflow of $26.7 million, with BlackRock’s iShares Ethereum Trust leading the way with an $89.6 million inflow, according to Farside Investors data.
Grayscale’s Ethereum Trust saw outflows of $78 million on the same day, bringing the total outflows from the fund to over $2 billion since it was converted to a spot fund. Unlike the other eight spot Ethereum ETFs launched on July 23, ETHE was originally a trust offering institutional investors’ exposure to (ETH) and was converted to a spot ETF on the same date.
Before its conversion, ETHE held $9 billion in Ethereum, with the recent outflow suggesting that 22% of the initial fund had been sold.
Meanwhile, on Aug. 1, Fidelity’s FETH and Bitwise’s ETHW logged inflows of $11.7 million and $3.4 million, respectively, while the remaining Ethereum ETFs experienced no flows on that day.
Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $331.11 million on Thursday, Aug. 1, lower than the $472.5 million recorded on Wednesday, July 31, and $563.22 million on Tuesday, July 30.
In a July 29 post on X, Steno Research senior analyst Mads Eberhardt predicted that the substantial outflows from Grayscale’s ETHE would likely taper off this week, a trend that appears to have already started. “When it does, it’s up only from there,” remarked Eberhardt.
At the time of writing, the price of Bitcoin (BTC) had dropped by approximately 0.2% to $64,200. Ethereum, the largest altcoin in the crypto market, has also seen a slight decline of about 0.7% over the past day, currently trading around $3,147.
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Bitcoin ETF
Bitcoin ETF options coming ‘soon’ following CFTC clearance
Published
6 days agoon
November 17, 2024By
adminThe U.S. Commodity Futures Trading Commission issued an advisory through its Division of Clearing and Risk stating it would no longer have a role in clearing Bitcoin ETF options.
The agency is transferring this responsibility to the Options Clearing Corporation, according to a prepared statement.
“[..] In light of relevant precedents in the courts, it is substantially likely these spot commodity ETF shares would be held to be securities. Therefore, DCR’s position is the listing of these shares on SEC-registered national securities exchanges does not implicate the CFTC’s jurisdiction.”
CFTC staff advisory.
According to the commission, the OCC, which serves as the “sole issuer of all equity options” in the U.S., now holds the final authority to decide whether these options will be listed.
Experts believe the OCC’s approval could be imminent, with ETF analyst Eric Balchunas predicting it will come “very soon.”
Meanwhile, market commentator Andrew said the CFTC’s move came much quicker than expected, as approval was initially anticipated by late Q1 2025, but this decision could speed things up.
Bitwise Invest’s Jeff Park suggested that while he was optimistic about the chances of a year-end approval, he wouldn’t “short the odd.”
The advisory follows the SEC’s approval last month, which cleared applications from the New York Stock Exchange and the Chicago Board Options Exchange to list and trade Bitcoin ETF options.
Options contracts give investors the right, but not the obligation, to buy or sell an underlying asset at a specified price before a set date. The SEC believes options trading could bring “better price efficiency” and “less volatility” to Bitcoin ETFs, helping to stabilize the market while making it more transparent and efficient overall.
Bitcoin advocates view the approval of Bitcoin ETF options as a game-changer, bringing more liquidity to the market. See below.
Earlier this year, Grayscale CEO Michael Sonnenshein advocated for the swift approval of Bitcoin ETF options, saying that these offerings could pull in more players, like broker-dealers, and deepen Bitcoin’s ties with traditional finance.
Crypto influencer Mario Nawfal, in a recent social media post, highlighted the buzz around Bitcoin ETF options, saying institutional investors are “drooling” over the opportunities.
“This is your mainstream finance world, now featuring Bitcoin,” he wrote.
Bitcoin reacted positively to the development, breaking past the $91,000 resistance level it struggled with over the past two days. At press time, the flagship cryptocurrency was trading at $91,293, up 2.4%.
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Bitcoin
Ether (ETH) ETF Inflows Hit Record, Bitcoin ETF Inflows Soar as BTC Price Eyes $90K
Published
2 weeks agoon
November 12, 2024By
admin“Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there’s a decent shot they surpass gold before their first birthday (we predicted it would take 3-4yrs),” Eric Balchunas, a senior analyst at Bloomberg, said in a post on X.
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Bitcoin
Bitcoin (BTC) ETFs See Record $1.3B Inflows on Trump Win, Fed Rate Cuts
Published
2 weeks agoon
November 8, 2024By
adminBTC trades above $76,000 in Asian morning hours Friday, up nearly 10% over the past week. In line with analyst expectations, the Federal Reserve cut rates by 25 basis points on Thursday in a move that typically supports risk assets like bitcoin by increasing liquidity and weakening the dollar.
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