The first wave of exchange-traded funds tracking Bitcoin is seeing strong interest from investors. Net fund flows into spot bitcoin ETFs reached $33.1 million at the close of the sixth trading day, according to data compiled by BitMEX Research.
Financial services giant Fidelity’s Wise Origin Bitcoin Trust (FBTC) accounted for the lion’s share of inflows at $222.3 million. It was followed by BlackRock’s iShares Bitcoin Trust (IBIT) ETF, which attracted $201.5 million in investments.
Meanwhile, investors poured $63.4 million into the Invesco Galaxy Bitcoin ETF (BTCO), $62.6 million into the Ark 21Shares Bitcoin ETF (ARKB), $56.7 million into the Bitwise Bitcoin ETF (BITB), and $14.2 million In the VanEck Bitcoin Trust (HODL), and $2.9 million in the Wisdom Tree Bitcoin Trust (BTCW).
Grayscale’s Spot Bitcoin ETF sees outflows of $590 million on day 6
While other funds posted gains, Grayscale Bitcoin Trust (GBTC) continued to see significant outflows, with over $590 million in assets flowing out of GBTC on the sixth day of trading. Investors have exited GBTC in part because Grayscale charges higher fees for its Bitcoin ETF than competitors.
The fund’s outflows can also be attributed to profit-taking in GBTC’s Grayscale, with some investors looking to exploit the fund’s discount on net asset value. CoinGape News previously reported that more than $2 billion in assets have exited GBTC since it was transferred to a Bitcoin ETF last week.
On the other hand, nine bitcoin ETFs, excluding Grayscale’s GBTC, have cumulatively purchased $79,618 worth of Bitcoin (BTC) since its launch, worth more than $3.2 billion, according to data provided by CCapital15’s X Handle.
ETF issuers absorb 796 BTC on day 6
Data from X (formerly Twitter) BitMEX Research account showed that Bitcoin ETF issuers netted another 796.6 BTC on the sixth trading day. This means that $33 million worth of Bitcoin has been added to their holdings.
It’s also worth noting that spot bitcoin ETFs managed by BlackRock, Fidelity, and Bitwise were among the top 10 most actively traded ETFs in the US over the past week. Furthermore, Grayscale and Fidelity’s Bitcoin ETFs surpassed $1 billion in assets after just five days of trading.
While the broader impact of Bitcoin ETFs on the cryptocurrency market remains to be seen, they have already been declared a game-changer by many cryptocurrency pundits, with Bitcoin advocate and author Vijay Boyapati saying that ETFs will boost investment… Bitcoin hashing.
Read also: Spot Bitcoin ETFs, excluding GBTC, have bought $2.8 billion worth of BTC since launch