Bitwise led the way attracting the most flows out of the 11 funds that started trading.
Spot Bitcoin exchange-traded funds (ETFs) drew in more than $600 million on their first day of trading.
The 11 spot Bitcoin ETF that started trading Thursday for the first time drew in $625.8 million in net flows, according to preliminary data compiled by BitMEX Research.
The Bitwise Bitcoin ETF led with $238 million, indicating strong institutional interest. Following were Fidelity Wise Origin Bitcoin ETF and BlackRock’s iShares Bitcoin Trust with $227 million and $111.7 million, respectively.
Grayscale’s GBTC, which has the highest fund fees at 1.5%, had $95 million of outflows.
These figures highlight the growing confidence in Bitcoin as an asset class and the demand for diverse investment products within the cryptocurrency space.
Source: https://thedefiant.io/spot-bitcoin-etfs-drove-over-usd700m-in-one-day