Spot Bitcoin ETFs have drawn in over $12 billion in cumulative net inflows within three months of trading, while Grayscale GBTC liquidations continue.
SoSoValue data tracking spot Bitcoin (BTC) ETF activity showed over $39.4 million daily net inflows. Wall Street stalwart BlackRock recorded the largest influx among nine new funds, as traders parked $150 million into the firm’s iShares Bitcoin ETF (IBIT).
BlackRock commands nearly $17 billion in assets under management (AUM). The issuer’s closest competitor, excluding Grayscale, boasts $7.6 billion in AUM held by fellow tradfi juggernaut Fidelity.
Although Grayscale proceeded with more outflows, ARK 21Shares’ product leapfrogged GBTC with over $87 million in exits. In comparison, Grayscale’s Bitcoin funds saw $81.8 million net outflows.
April 2 marked the first day any of the nine new spot BTC ETFs outmatched GBTC for outflows. However, ETF expert Eric Balchunas said the occurrence was inevitable and overstated, mainly on social media.
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Author: Naga Avan-Nomayo
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