Spot Bitcoin ETFs Saw $33 Million Net Inflow, BlackRock Inflow Slows to Record Low
Highlights
- Spot Bitcoin ETFs net inflows slows to $33 million on Tuesday
- BlackRock Bitcoin ETF (IBIT) inflow dropped to a new low of $45.2 million
- Bitwise, Ark 21 Shares, VanEck and WisdomTree recorded some inflows amid renewed demand
- Grayscale's GBTC slows to a record low of $72.7 million
Most spot Bitcoin ETFs saw a massive drop in inflows on Tuesday as demand and liquidity dries up, according to the latest data by BitMEX Research. Interestingly, Grayscale Bitcoin Trust (GBTC) spot Bitcoin ETF outflow drops to a record low.
Spot Bitcoin ETFs Net Inflows Slows to $33 Million
BitMEX Research in the latest spot Bitcoin ETFs inflow report on February 7 revealed that total inflows for 10 Bitcoin ETFs dropped to just $33.7 million. Despite recording multiple net outflows, this is the second-lowest inflow for 10 spot Bitcoin ETFs after a $14.8 million inflow on January 26.
Inflows for BlackRock Bitcoin ETF (IBIT) dropped to a new low of $45.2 million. BlackRock Bitcoin ETF saw a $137.3 inflow a day earlier, raising speculation of return in demand for the Bitcoin ETF. Fidelity’s FBTC also saw a drop in inflow of $37.7 million.
Bitcoin ETFs of Bitwise, Ark 21 Shares, VanEck and WisdomTree recorded rise in inflows of $11.3, $8.6, $2.4, and $1.1, respectively. Bloomberg senior ETF analyst Eric Balchunas said all underperforming Bitcoin ETFs have the potential to perform in the future.
Grayscale Outflow Slows
Outflows from Grayscale’s GBTC slows to a record low of $72.7 million since the approval of spot Bitcoin ETF by the U.S. SEC on January 11. GBTC saw a $107.9 million outflow on Monday, February 5.
The decline in GBTC outflows indicates an imminent end to the mass exodus on the Bitcoin ETF. Experts believe it will positively affect the crypto market and Bitcoin price. GBTC is the liquidity leader in the category. Grayscale will need a robust derivatives ecosystem developed around underlying ETF if they wants to remain a leader and continue to charge high fees. Currently, GBTC charges 1.5% management fees for its spot Bitcoin ETF.
CME Tops Binance Again
Bitcoin Futures open interest (OI) on CME has surpassed Binance again. Crypto exchange Binance recently topped CME to become a leading Bitcoin futures exchange for just two days.
With a notional open interest (OI) of 106,090 BTC valued at $4.55 billion, CME is now the largest Bitcoin futures exchange again after a nearly 5% rise in Bitcoin futures open interest. Binance ranks second, with a notional open interest of 103,660 worth $4.46 billion.
Also Read:
- XRP Lawsuit: Ripple Requests Judge Torres to Extend Remedies Discovery Deadline
- Bank Run: Bitcoin Bull Says NYCB on Brink of Bankruptcy After Downgrade And Lawsuit
- South Korea To Probe OKX Amid Crypto Crackdown, What’s Next?
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
