Spot Bitcoin ETFs Saw $33 Million Net Inflow, BlackRock Inflow Slows to Record Low

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Most spot Bitcoin ETFs saw a massive drop in inflows on Tuesday as demand and liquidity dries up, according to the latest data by BitMEX Research. Interestingly, Grayscale Bitcoin Trust (GBTC) spot Bitcoin ETF outflow drops to a record low.

Spot Bitcoin ETFs Net Inflows Slows to $33 Million

BitMEX Research in the latest spot Bitcoin ETFs inflow report on February 7 revealed that total inflows for 10 Bitcoin ETFs dropped to just $33.7 million. Despite recording multiple net outflows, this is the second-lowest inflow for 10 spot Bitcoin ETFs after a $14.8 million inflow on January 26.

Inflows for BlackRock Bitcoin ETF (IBIT) dropped to a new low of $45.2 million. BlackRock Bitcoin ETF saw a $137.3 inflow a day earlier, raising speculation of return in demand for the Bitcoin ETF. Fidelity’s FBTC also saw a drop in inflow of $37.7 million.

Bitcoin ETFs of Bitwise, Ark 21 Shares, VanEck and WisdomTree recorded rise in inflows of $11.3, $8.6, $2.4, and $1.1, respectively. Bloomberg senior ETF analyst Eric Balchunas said all underperforming Bitcoin ETFs have the potential to perform in the future.

Source: BitMEX Research


Grayscale Outflow Slows

Outflows from Grayscale’s GBTC slows to a record low of $72.7 million since the approval of spot Bitcoin ETF by the U.S. SEC on January 11. GBTC saw a $107.9 million outflow on Monday, February 5.

The decline in GBTC outflows indicates an imminent end to the mass exodus on the Bitcoin ETF. Experts believe it will positively affect the crypto market and Bitcoin price. GBTC is the liquidity leader in the category. Grayscale will need a robust derivatives ecosystem developed around underlying ETF if they wants to remain a leader and continue to charge high fees. Currently, GBTC charges 1.5% management fees for its spot Bitcoin ETF.

CME Tops Binance Again

Bitcoin Futures open interest (OI) on CME has surpassed Binance again. Crypto exchange Binance recently topped CME to become a leading Bitcoin futures exchange for just two days.

With a notional open interest (OI) of 106,090 BTC valued at $4.55 billion, CME is now the largest Bitcoin futures exchange again after a nearly 5% rise in Bitcoin futures open interest. Binance ranks second, with a notional open interest of 103,660 worth $4.46 billion.

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