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Spot Bitcoin ETFs record flows, BTC battles at $41k, TrueUSD depegs, Coinbase vs. SEC | Weekly Recap

Press Releases Crypto News Crypto-News Spot Bitcoin ETFs record flows, BTC battles at $41k, TrueUSD depegs, Coinbase vs. SEC | Weekly Recap

This week, spot Bitcoin ETFs recorded impressive inflows as the digital currency continued to battle the bears at the $41,000 mark. Meanwhile, the crypto scene witnessed updates on the Coinbase vs. SEC case.

First week of trading: spot Bitcoin ETFs

This week marked the first trading week for the recently-approved spot Bitcoin exchange-traded funds. Most products saw massive inflows, with BlackRock’s IBIT recording $500 million and Fidelity’s FBTC seeing $421 million inflows, per a Jan. 16 report.

The Grayscale Bitcoin Trust (GBTC), which already commanded investments before its pivot to an ETF, was the only spot Bitcoin ETF to see net daily outflows, totaling $579 million as of Jan. 16. This was attributed to its high fees, which stands at 1.5%.

In another interesting metric, data confirmed that, as of Jan. 16, all the spot Bitcoin ETFs commanded a combined volume of $1.8 billion. This figure was nearly four times the combined volume of all 500 ETFs launched last year, which stood at $450 million on the same day.

A Jan. 18 report highlighted that the fourth day of trading saw these products attract $2.9 billion overall, with the exclusion of GBTC. The products from BlackRock, Fidelity and Bitwise saw the highest inflows, while GBTC recorded outflows.

By the fifth day of trading, GBTC witnessed an outflow of 10,824 BTC worth an average of $445 million. However, other ETFs saw another batch of inflows and the entire market recorded inflows of 10,667 BTC valued at $439 million.

Thailand, Singapore and Korea on spot Bitcoin ETFs

Amid the growing market, countries in Asia disclosed their stance on spot Bitcoin ETFs this week. On Jan. 17, Thailand’s Securities and Exchange Commission (SEC) barred investors from trading the ETFs on the international market, citing the market’s n

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Author: Wahid Pessarlay

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