Bitcoin

when

Grayscale Bitcoin Trust

Eric Balchunas, Senior ETF Analyst for Bloomberg cleared the air over some perspectives building around spot Bitcoin Exchange-Traded Fund (ETF) flows lately. Some have also labeled it as “it’s so over”. This speculation emerged in the market due to <a href="https://news.todayq.com/jpmorgan-signals-trouble-for-bitcoin-post-halving/" rel="noopener noreferrer nofollow">BTC’s price decline</a> over the last several days. Bitcoin ETFs are here to stay 
Balchunas stated that it is totally normal for an ETF category to cool off after a breathtaking pace like this. This needs to be seen with Bitcoin price down by 12% in the past 5 days. He added that it is a microscopic view.&nbsp;
He mentioned that the ten BTC ETFs’ net flows stood at $223 million over the past five days. This figure is just 1% of the ten ETF’s net inflows recorded since launch and 0.4% of their assets. However, the net numbers are still Grayscale Bitcoin Trust (BTC) driven. This is because the new nine investment products have seen an inflow of $330 million over the past 5 days. It comes with iShares Bitcoin Trust (IBIT) extending its inflow streak to 67 days. He claims that this is a minor miracle.
Bitcoin on Thursday resumed its winning streak after a struggling period of correction. BTC price jumped by more than 2% in just an hour, while it is up by around 4% over the last 24 hours. This surge has helped the biggest crypto wipe out some of the decline it faced in the last 30 days.&nbsp;
BTC is trading at an average price of $63,868, at the press time. Its 24 hour trading volume is up by 17% to stand at $43.55 billion. It is holding a market cap of $1.25 billion.
This surge has brought a fresh wave of positivity in the global crypto market. The total crypto market cap is up by almost 3% over the last day to stand at $2.31 trillion. GBTC to dominate? 
It is important to note that BlackRock’s iShares Bitcoin Trust (IBIT) is steadily gaining ground on Grayscale’s Bitcoin Trust ETF (GBTC). With a current market share of 32.6%, IBIT is nearing GBTC’s market share of 36.8%. However, IBIT’s current holdings stand at $16.8 billion, just $2.2 billion shy of GBTC’s $19 billion holdings.
BlackRock’s Bitcoin accumulation has slowed since its record day on March 13, with $866 million worth of net inflows. Meanwhile, Grayscale’s Bitcoin selling has also decelerated since March 19, when it saw $607 million worth of outflows.

Bitcoin ETFs cooling off? Bloomberg analyst debunks ‘Overhyped’ claims

Todayq News

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