EddieJayonCrypto

 30 Jan 24

tl;dr

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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Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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