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Cryptocurrency News Articles
US Spot Bitcoin ETFs See Sixth Consecutive Day of Positive Performance
Aug 23, 2024 at 01:41 pm
US spot Bitcoin exchange-traded funds (ETFs) have secured their sixth consecutive day of positive performance after collectively taking in approximately $65 million on Thursday.
US spot Bitcoin exchange-traded funds (ETFs) saw another day of positive performance on Thursday with collective inflows of around $65 million, as per data from Farside Investors.
Among the funds, iShares Bitcoin Trust (IBIT) from BlackRock saw the highest inflows with around $75 million, followed by Bitcoin fund (FBTC) from Fidelity with nearly $9 million in net inflows.
Data shows that ARK Invest/21Shares’s Bitcoin ETF (ARKB) also attracted nearly $8 million in new investment.
Further gains were witnessed in WisdomTree’s Bitcoin fund (BTCW), Grayscale’s Bitcoin Mini Trust (BTC), and VanEck’s Bitcoin ETF (HODL), which collectively attracted over $12 million.
On the other hand, Grayscale’s Bitcoin Trust (GBTC), which has the highest management fees among US spot Bitcoin products, saw outflows of over $28 million on Thursday.
Since the fund was converted into an ETF, investors have pulled nearly $20 billion from GBTC. However, the massive outflows have slowed down over the past two weeks.
On Wednesday, GBTC’s withdrawal hit a low of nearly $10 million, marking the lowest outflows of the month.
With the slowing outflows from GBTC and consistent capital into other competing Bitcoin ETFs, mainly BlackRock’s IBIT, the group of US spot Bitcoin funds saw sustained inflows for six consecutive trading days.
These ETFs have logged over $250 million in net inflows so far this week.
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