The Spot Bitcoin (BTC) exchange-traded fund (ETF) recorded net outflows of $76 million in its seventh day of trading, according to new data from Bloomberg ETF analyst James Seifert.
In a Jan. 23 post on He pointed out that
Latest news: BlackRock numbers released. #bitcoin ETF Coin Tacky Derby. Day with the third highest inflow $IBIT That's still $272 million. Net outflows for the day were only -$76 million. https://t.co/ySE0edbz4c pic.twitter.com/RzgH6qn5Md
— James Seyffert (@JSeyff) January 23, 2024
“Today, $640 million was outflowed. Outflows are not slowing down, they are increasing. This will be GBTC's largest outflow to date. Total spending to date is $3.4 billion. $50 million,” Seifert added.
In an interview with Cointelegraph, Seifert said that inflows into Spot Bitcoin ETFs remain positive overall, with BlackRock enjoying its third-largest positive flows ever, totaling 272 million yen for the day. It said it recorded an inflow of $1,000,000.
“Even accounting for GBTC outflows, more than $1.1 billion has flowed into the Spot Bitcoin ETF on a net basis,” he said.
Seifert acknowledged that at the moment it seems like outflows from GBTC are “unstoppable,” but he expects GBTC-led dumping to subside over the next two weeks.
Much of the outflow from Grayscale's recently converted GBTC fund is related to large sales from FTX real estate.
Related: Alameda Research drops lawsuit against Grayscale due to concerns about GBTC leakage
According to a report on January 22nd report FTX Real Estate had sold about two-thirds of its 22.8 million GBTC shares by January 22, sources familiar with the matter said. The sale of shares is estimated to represent approximately $600 million of GBTC's total net value of $3.4 billion. Spills related to.
Since then $GBTC conversion to #Bitcoin ETF Investors sold more than $2 billion
FTX bankruptcy liquidation results in sale value exceeding $1 billion $BTC
GBTC's discount to NAV arbitrage led to over $1 billion in selling to lock in profits.
All of these sold out in a relatively short period of time… pic.twitter.com/e0I0ms3y3D
— CJK (@CJKonstantinos) January 22, 2024
Since the approval of a 10-stock spot ETF on January 10th, the price of Bitcoin has fallen significantly, falling from a high of $49,100 to a low of $39,500 on January 23rd. According to TradingView, Bitcoin is currently stable at just above $40,000. data.
In particular, Bitcoin's price decline comes amid a sudden and significant decline in open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME), making it easy to gain leveraged exposure to Bitcoin. This suggests that institutional investors' enthusiasm for the move is waning.
according to data According to CoinGlass, CME’s open interest has fallen from a near-all-time high of $6.4 billion on January 12 to $4.4 billion at the time of publication.
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