EddieJayonCrypto
30 Jan 24
The trading activity in spot crypto exchange-traded funds (ETFs) reveals that Grayscale Investments Bitcoin fund (GBTC) outflows slowed for the fifth consecutive day, coinciding with strong inflows into Fidelity’s spot Bitcoin ETF (FBTC). FBTC's inflows outmatched GBTC's outflows for the first time ...
The trading activity in spot crypto exchange-traded funds (ETFs) has revealed that Grayscale Investments Bitcoin fund (GBTC) outflows slowed for the fifth consecutive day, coinciding with strong inflows into Fidelity’s spot Bitcoin ETF (FBTC). FBTC's inflows outmatched GBTC's outflows for the first time since their approval, and the slowing outflows have relieved pressure on crypto prices, leading to a 2.4% increase in global cryptocurrency market capitalization. This recovery aligns with the forecast by JPMorgan analysts and has led to a heightened fees war in the crowded spot Bitcoin ETF market, with several fund issuers lowering their fees to attract investors.
The Fidelity spot Bitcoin ETF (FBTC) asserted itself among the dominant duo of BlackRock and Grayscale Bitcoin ETFs by reporting strong daily inflows of $208 million on January 29, outpacing the outflows witnessed by Grayscale’s GBTC. Data from BitMEX Research indicates that GBTC saw its lowest daily outflow since relaunching, with a nearly 25% decline from their peak, which may signal a potential shift in momentum for spot Bitcoin ETFs.
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