Bitcoin ETFs Experience Dramatic Turnaround in Fund Flows
This week witnessed a remarkable turnaround for U.S. spot bitcoin exchange-traded funds (ETFs) after a challenging streak.
After enduring five consecutive days of outflows totaling a staggering $887.6 million, Monday signaled a significant turnaround with the emergence of positive inflows amounting to $15.4 million. The positive momentum gained traction on Tuesday, as ETFs recorded a remarkable surge of $418 million in inflows, with leading contributions from Blackrock’s IBIT and Fidelity’s FBTC. Despite this resurgence, Grayscale’s GBTC bucked the trend, experiencing continued outflows.
As of March 27, 2024, IBIT holds approximately 245,951.21 BTC valued at around $17.16 billion, while FBTC’s holdings stand at 143,720.69 BTC, worth just over $10 billion. In contrast, GBTC’s reserves stand at 342,607.61 BTC, equating to approximately $23.7 billion. This dynamic shift in ETF flows underscores the evolving landscape of cryptocurrency investment vehicles.
Clever Robot News Desk 28th March 2024
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