Originally published on: August 17, 2024
Spot Bitcoin exchange-traded funds (ETFs) in the United States have seen a surge in investor interest, bouncing back from outflows earlier in August. Recent data from SoSoValue indicates a significant increase in total net inflow for spot Bitcoin ETFs, reaching $32.58 million on August 16.
Previously, the market experienced outflows of $80.69 million on August 2 and $169 million on August 9. However, on August 16, despite a $72.9 million outflow from the Grayscale Bitcoin Trust (GBTC), total net inflows for spot Bitcoin ETFs hit $36 million.
While GBTC faced continuous fund outflows, other spot Bitcoin ETFs saw consistent inflows. The Grayscale Bitcoin Mini Trust ETF, for instance, maintained a total net inflow of $288 million, with no outflows recorded on August 16.
The decline in GBTC’s performance coincides with NYSE Arca’s decision to halt a proposed rule change that would have allowed the trading of GBTC and similar cryptocurrency ETFs. On the other hand, funds like the Fidelity Bitcoin Fund ETF and BlackRock’s iShares Bitcoin Trust ETF saw notable net inflows of $61.3 million and $20.38 million, respectively, on August 16.
With spot Bitcoin ETFs currently holding a total net asset value of $54.35 billion and historical cumulative net inflows amounting to $17.37 billion, it’s evident that these investment vehicles are gaining traction in the broader market. Even major players like Morgan Stanley, as revealed in an August 14 US Securities and Exchange Commission filing, have stakes in spot Bitcoin ETFs.
As the crypto landscape evolves, the resilience and growing acceptance of Bitcoin ETFs showcase a promising outlook for investors seeking exposure to the digital asset market. Stay updated on the latest trends and developments in blockchain and crypto by subscribing to our Crypto Biz newsletter for valuable insights every Thursday. Subscribe now to stay ahead of the curve!