- U.S. spot bitcoin exchange-traded funds (ETFs) saw a decrease on Tuesday, with $15.7 million leaving after two days of positive inflows.
- During the day’s trading sessions, Grayscale’s Bitcoin Trust (GBTC) saw $29 million depart, overshadowing the break-even and encouraging news from the other spot bitcoin funds.
Fidelity, Ark Invest, and Invesco Announce Increases While GBTC Faces New Challenges
The publicly traded spot bitcoin ETFs that are active in the US had $1.17 billion in trade volume on Tuesday. Despite net inflows from notable entrants such as Fidelity’s FBTC, Ark Invest’s ARKB, and Invesco’s BTCO, GBTC’s $29 million decrease was not offset by these gains.
The fund’s decline ended GBTC’s two-day streak of positive inflows, which had signaled the cryptocurrency’s first increases in about 80 days. FBTC made $4 million throughout the day’s trading sessions, Blackrock’s IBIT broke even, and ARKB received $3 million in inflows.
According to data from Coinglass, BTCO topped the list with inflows that came close to $6 million during the day’s trading sessions. A neutral outcome with no gains or losses was recorded by BITB, HODL, and other players.
Grayscale and Blackrock were the top two holders of Bitcoin reserves as of May 7, 2024 portfolio reports; GBTC had 292,267.99 BTC while Blackrock had 274,322.38 BTC.
Since the end of March, interest in and trading activity for the recently launched U.S. spot bitcoin ETFs have been lackluster.
It’s still unclear if there will be a major resurgence of interest in these products. This change in the U.S. spot bitcoin ETF landscape points to a potential recalibration of the market as investors reassess their positions.
The general stability of reserve levels and the ongoing interest in other funds, notwithstanding an outflow from Grayscale’s GBTC, demonstrate a vibrant yet persistent dedication to bitcoin investing.
These cryptocurrency exchange-traded funds’ prospects will probably depend on more general economic data and investor attitude.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
