Spot Bitcoin ETFs Draw $3 Billion In First Four Days of Trading

Investors poured an estimated $3 billion into the exchange-traded funds tied to the spot trading of Bitcoin in their first four days of trading, data from BitMex Research showed. The Bitcoin ETFs, run by BlackRock, Fidelity, and Bitwise, saw sizeable inflows while Grayscale’s GBTC continued to bleed.

Meanwhile, the overall crypto market witnessed a substantial retracement today, following the ETFs’ recent inception coming into play. With the market cap tumbling considerably, crypto market enthusiasts appear to be building additional inferences about the potential impact of ETFs on the crypto horizon.

Besides, trading market charts showcased a burgeoning rise in the ETFs’ popularity post-inception, aligning with the crypto market cap plunge and the surge in inflows of ETFs.

Bitcoin ETFs’ Chronicle

As per the market data unveiled by BitMEX Research, the total inflows of Bitcoin ETFs totaled over $2.9 billion while writing. Aligning with this, the initial 11 spot Bitcoin ETFs portrayed significant advancements, mirroring the surge in inflows.

Among these 11 ETFs, BlackRock, Fidelity, and Bitwise corked the inflows list, emerging as the top three ETF service providers within the trading landscape. Coinciding with this, BlackRock noted $1,085 million inflows, whereas Fidelity jotted down $884 million inflows. Simultaneously, Bitwise recorded $375 million in inflows, positioning itself in third place on the list. Ark 21Shares, Invesco, Franklin Templeton, Valkyrie, VanEck, Hashdex, and Wisdomtree, respectively, followed the top rankings.

Intriguingly, Grayscale was found nowhere on the list as the firm appears to be witnessing a setback post-inception. A renowned crypto market expert, Eric Balchunas, further spotlights this setback, nabbing global attention.

Meanwhile, as Bitcoin ETFs continue to gain traction, the Bitcoin token’s price traded sideways throughout the week, contrasting market sentiments following the SEC’s recent ETF approval.

Also Read: XRP Whales Dump 46 Mln Tokens, Is Nosedive To $0.55 Inevitable?

Bitcoin Price Volatility: Report

As of writing, the Bitcoin price printed a 2.36% surge over the past 24 hours and is currently trading at $41,611.24 after an eclectic drawdown. Moreover, its price chart over the past week plunged 3.09%, birthing additional speculations for the token.

Notably, Bitcoin’s price traded with extreme volatility following the SEC’s call to show a green light for ETF approval. The price after the approval traded majorly in the red, garnering the crypto market’s attention globally. Moreover, this volatility comes in contrast to the pre-existing market sentiments, hoping to see a notable surge in BTC price post-ETF approval

Also Read: Ripple CTO Agrees With Franklin Templeton On XRPL Potential