Bitcoin exchange-traded funds (ETFs) continue to attract investor interest despite experiencing heavy weekly outflows in early August.
Data from SoSoValue, August 16 Revealed The weekly net inflows into the Spot Bitcoin ETF reached $32.58 million, in stark contrast to the outflows from the previous week. On August 2, the Spot Bitcoin ETF saw a net outflow of $80.69 million, but on August 9, the outflows increased significantly to $169.03 million.
Mixed Signals in the Bitcoin Market
However, net inflows into the Spot Bitcoin ETF reached $36,015,000 on August 16, contrasting with GBTC’s net outflows of $72,903,300 on the same day. While GBTC has experienced continued outflows, the Spot Bitcoin ETF has seen robust inflows, signaling a possible shift in investor preferences.
Sosovalue data showing an overview of market movements from August 16 to June 7. Source: Sosovalue
According to the data, historical net outflows from GBTC have reached a staggering $19.646 billion. In contrast, Grayscale Bitcoin Mini Trust ETF BTC had no net outflows on August 16, maintaining total net inflows at $288 million.
This suggests that while Grayscale’s flagship product is facing difficulties, its mini-trusts are stabilizing.GBTC’s declining fortunes coincide with the New York Stock Exchange’s (NYSE) decision to withdraw proposed rule changes that would have allowed trading of GBTC and similar crypto exchange-traded funds (ETFs).
Fidelity and BlackRock lead the way
Among spot Bitcoin ETFs, Fidelity’s ETF FBTC recorded the highest net inflow of $61,346,900 on Aug. 16. This brings FBTC’s historic net inflows to a total of $9,804 million, indicating its status as a favored choice among investors.
Related: Advisor Bitcoin ETF holdings increase, hedge fund holdings decrease — Coinbase
BlackRock’s ETF IBIT also saw strong net inflows of $20,385,400 on the day, bringing its total to $20,388 million so far this year.
The continued inflows into the Spot Bitcoin ETF come as the ETF’s total net asset value reaches $54.353 billion. The ETF net asset ratio, which represents the ETF’s market capitalization as a percentage of Bitcoin’s market capitalization, currently stands at 4.65%.
Cumulative net inflows to date have reached $17.37 billion, further supporting the growing acceptance and integration of Bitcoin ETFs into the investment landscape. According to an Aug. 14 SEC filing, Morgan Stanley holds $188 million worth of shares in a Bitcoin exchange-traded fund (ETF).
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