HODL

Bitcoin

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>U.S. spot Bitcoin ETFs experienced a slowdown in net inflows as Bitcoin’s price dropped after reaching a new all-time high.</li>
 <li>Despite the dip, interest in spot Bitcoin ETFs seems to be growing, with advisory firms approving their usage.</li>
</ul>
<p>On Thursday, there was a noticeable decrease in net inflows into U.S. spot Bitcoin ETFs. This occurred as the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> sharply dropped after hitting a new all-time high.</p>
<p>Net inflows went down to $132.5 million, largely due to $257.1 million in outflows from the Grayscale’s converted GBTC fund. The total net inflows since the start of spot Bitcoin ETF trading on January 11 are just under $12 billion, which equates to over 211,000 BTC.</p>
<h2 id="etf-dominance-and-growing-interest">ETF Dominance and Growing Interest</h2>
<p>BlackRock’s IBIT ETF continued to dominate inflows, adding $345.4 million. VanEck’s HODL came in second, registering $13.8 million in inflows. Fidelity’s FBTC spot Bitcoin ETF, usually second to IBIT, dropped to third with $13.7 million in net inflows.</p>
<p>Despite this dip, interest in spot Bitcoin ETFs appears to be on the rise. Cetera Financial Group, a financial advisory firm, approved the use of BlackRock’s IBIT, Fidelity’s FBTC, Franklin Templeton’s EZBC, and Invesco’s BTCO for its affiliated financial professionals’ clients.</p>
<h2 id="trading-volume-and-market-response">Trading Volume and Market Response</h2>
<p>The combined daily trading volume for U.S. spot Bitcoin ETFs hit $7.98 billion on Thursday. This was the third-largest volume as Bitcoin’s price surged before falling sharply.</p>
<p>BlackRock’s IBIT ETF led the way, generating a trading volume of $3.92 billion. This was the fund’s second-largest trading day.</p>
<p>Trading volume for spot Bitcoin ETFs has seen a significant increase this month, exceeding the volumes of January and February in just two weeks. The cumulative trading volume for all spot Bitcoin ETFs now stands at $135.9 billion.</p>
<p>Bitcoin’s price hit a new all-time high of $73,836 on Thursday before a sharp sell-off led to an 11% fall to $65,566. The largest cryptocurrency by market cap has since recovered slightly and is currently trading for $67,696.</p>
<p>This price correction led to a significant liquidation of long positions on centralized exchanges over the past 24 hours. More than $278 million in Bitcoin positions were liquidated, with the majority ($225 million) being longs.</p>
<p>The overall crypto market saw over $667 million in liquidated long positions during this period. This contributed to $809 million in total liquidations across various centralized exchanges.</p>
<p>The wider market also experienced a decline, with the GM30 index, representing the top 30 cryptocurrencies by market cap, falling from 162 to 154, down 5%. Similar indices for Layer 1 and Layer 2 tokens also saw a similar drawdown. Despite this, all three indices are still significantly higher than late last year.</p>

Bitcoin’s Retreat Slows Down Spot ETF Net Inflows: A New Shift?

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