Bitcoin ETF

Bitcoin

Spot

In only one month, the spot Bitcoin ETF market has reportedly broken a record that took gold almost two years to achieve.
<h2 id="strong-spot-bitcoin-etf-net-flow-hits-3b-strong">Spot Bitcoin ETF Net Flow Hits $3B</h2>
According to Senior Bloomberg ETF analyst Eric Balchunas, the net cumulative flows for the spot BTC ETFs approved by the United States Securities and Exchange Commission (SEC), have exceeded $3 billion within the last three days. This was after the nascent niche registered about $500 million worth of inflows on February 12.&nbsp;
The chart that accompanied Balchunas’ post on X showed that as of January 14, the net flows had not even hit $1 billion.&nbsp;
Overall, the broader spot BTC ETF market has been doing well. Apart from Grayscale’s GBTC, nine of the spot Bitcoin ETF products are gradually inching toward a cumulative of $10 billion in inflows. In addition, the <a href="https://coingape.com/bitcoin-etf-demand-skyrockets-outpacing-supply-by-12-5x/" rel="noopener noreferrer nofollow">interest in spot Bitcoin ETFs</a> is also growing exponentially. Based on an opinion shared on CNBC’s Squawk Box by Anthony Pompliano, a well-known cryptocurrency advocate, there is a burgeoning interest from Wall Street in Bitcoin.
He revealed that institutional investors are buying into the spot Bitcoin ETF deal at a rate that is 12.5 times greater than its daily production. This surge in demand has triggered a shortage in supply. The increased interest is believed to be a result of the upcoming Bitcoin halving event set for April this year.
<h2 id="strong-grayscale-outflows-makes-a-switch-strong">Grayscale Outflows Makes a Switch</h2>
Before Monday’s inflow and just when Bitcoin was nearing $49,000, all ten spot BTC ETF products <a href="https://coingape.com/bitcoin-etf-records-second-largest-net-inflow-542-million/" rel="noopener noreferrer nofollow">saw a net inflow</a> of $541.5 million. Of these massive inflows, BlackRock (IBIT),&nbsp;Fidelity&nbsp;(FBTC), and&nbsp;Ark 21Shares&nbsp;(ARKB) Bitcoin ETF recorded the largest inflows of $250.7, $188.4, and $136.5 million, respectively.&nbsp;
Grayscale is still experiencing outflows although in recent days, the intensity has slowed down. At a time, the volume decreased significantly to <a href="https://coingape.com/spot-bitcoin-etfs-saw-33-million-net-inflow-blackrock-inflow-slows-to-record-low/" rel="noopener noreferrer nofollow">about $51.8 million</a> but it has now returned to near normalcy. A few days ago, GBTC outflows touched $101.6 million suggesting another mass exodus from the spot Bitcoin ETF.
Amidst this fluctuation, Bitcoin price has been showing signs of a bull run after soaring as high as $50,300 overnight, although it has slightly dropped in the last few hours. At the time of this writing the coin was trading at $48,597.95 with a 0.81% drop within the past 24 hours.
The post <a href="https://coingape.com/spot-bitcoin-etfs-just-broke-a-massive-gold-record/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs Just Broke A Massive Gold Record</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Spot Bitcoin ETFs Just Broke A Massive Gold Record

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