Bitcoin exchange-traded funds (ETFs) continued to perform well this week, with net inflows exceeding $2.2 billion from February 12th to February 16th. The total exceeded the inflows received by any other of the 3,400 ETFs, according to Bloomberg analyst Eric Balchunas. Available in the US.
BlackRock’s fund IBIT received the bulk of the capital, accumulating $1.6 billion in positive flows over the past week. revealed Based on data from BitMEX Research. “$IBIT alone has brought in $5.2 billion year-to-date, which represents his 50% of all BlackRock net ETF flows out of his 417 ETFs.” I got it. Balchunas.
Among Bitcoin (BTC) funds holding billions of dollars in assets, Fidelity’s FBTC has seen significant inflows, raising $648.5 million over the past five trading sessions. During the same period, Ark21Shares’ ARKB raised $405 million and Bitwise’s BITB raised $232.1 million in capital.
Outflows from Grayscale’s GBTC are hampering overall ETF performance. The fund has seen $624 million in withdrawals over the past few days as investors continue to sell stocks and move to other products with lower fees. Since converting from an over-the-counter product to an ETF on Jan. 10, Grayscale’s funds have shed more than $7 billion in capital.
The new ETF is believed to be one of the factors driving Bitcoin’s recent price rise. The cryptocurrency has rallied 91% over the past four months, buoyed by market sentiment surrounding the fund’s approval by the U.S. Securities and Exchange Commission (SEC) last month.
Bitcoin is up nearly 7% in a week and is trading at $51,434 at the time of writing, up 24% in February.
Major banks and financial institutions are also paying attention to new ETFs. In a Feb. 14 letter, a coalition of trade associations representing Wall Street’s largest firms asked the SEC to consider amendments to Staff Accounting Bulletin 121 (SAB 121), which provides guidance on accounting for crypto custody obligations. . This amendment will allow banks to act as custodians of BTC funds.
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