Fidelity’s Spot Bitcoin (BTC) exchange-traded fund (ETF) recorded $208 million in daily inflows on January 29th, the first time it has received an inflow from the Grayscale Bitcoin Trust outside of its launch date. It is reported that the amount exceeded the outflow.
According to provisional data According to Farside Investors, Fidelity’s inflows into FBTC on Monday were $208 million and outflows from GBTC were $192 million. According to data from BitMEX Research, this is the lowest daily outflow excluding restarts.
GBTC’s latest outflows are down about 25% from the $255 million on January 26, and 70% from the fund’s peak daily outflow of $641 million on January 22. %Diminished.
This was the second-lowest outflow day for Grayscale’s fund, behind the $95 million outflow from the fund on January 11, when it converted to a Spot Bitcoin (BTC) exchange-traded fund (ETF). There is also.
Cryptocurrency traders are keenly watching for signs of a slowdown in GBTC outflows as investors in the fund take advantage of the opportunity to liquidate once-undercover positions.
Analysts at JPMorgan said on January 25 that outflows from GBTC are causing downward pressure on Bitcoin’s price, but added that it “should see a significant reversal.”
Meanwhile, data from Bloomberg ETF analyst James Seifert shared with It is shown that the trading volume has nearly doubled to $570 million.
and @grayscale‘s $GBTC Retains liquidity crown – $570 million in deal value, about $110 million more than second place $IBIT today https://t.co/WIAWKwDnqY pic.twitter.com/ma0CE5szLa
— James Seyffert (@JSeyff) January 29, 2024
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) had the second-largest volume share after GBTC, each with daily trading volume of 460.9 million yen. USD and $315.4 million, representing 78% of the total volume recorded by the nine new ETFs. .
The market for spot Bitcoin ETFs has become so crowded that fund issuers, both in the U.S. and abroad, are even reportedly lowering fees to attract investors.
Related: $5B outflow from GBTC likely led to capital outflows to other regions: CoinShares
Invesco and Galaxy Asset Management have become the latest companies to lower fees for their joint ETF, the Invesco Galaxy Bitcoin ETF (BTCO). saying On January 29, the company announced that its final expense ratio would be 0.25%, up from 0.39%.
Lower fees have brought it down to the same level as BlackRock, Fidelity, Valkyrie, and VanEck. BTCO is fee-free for the first six months or until assets reach $5 billion, after which new lower fees apply.
The current price list looks like this. pic.twitter.com/LPvd6YwGWJ
— James Seyffert (@JSeyff) January 29, 2024
The fee war on the U.S. side may have also affected European ETFs, according to CoinShares research, with some speculating that traders are fleeing European-based products to the United States.
Last week, on January 23, Invesco lowered its fees on its Europe-based Bitcoin ETF from 0.99% to 0.39%, and WisdomTree also lowered its fees from 0.95% to 0.35%.
coin share Followed On January 25th, the main Bitcoin ETF’s fees were lowered from 0.98% to 0.35%.
Asia Express: OKX Token $6.5 Billion Flash Crash, Cryptocurrency Executive “Mr. Bun” on the Run
