Second Day Performance of Bitcoin Spot ETFs is Now Available: Is GBTC the Reason for the Drop in BTC Price?

Following the historic approval of Bitcoin Spot ETFs by the US Securities and Exchange Commission (SEC), their second-day performance revealed promising growth in the sector.

Bloomberg analysts Eric Balchunas and James Seyffart shared data on fund flows into Bitcoin Spot ETFs, providing valuable insight into market dynamics.

There was a huge outflow of 579 million dollars from GBTC

Balchunas reported that nine newly launched Bitcoin Spot ETFs, dubbed “Nine Newborns,” received over $1.4 billion in new cash in two days. This inflow suppressed the $579 million outflow from Grayscale Bitcoin Trust (GBTC), resulting in a net total of $819 million.

iShares’ (BlackRock) Bitcoin ETF (IBIT) leads the way with half a billion dollars in inflows, followed closely by Fidelity’s Bitcoin ETF (FBTC). Newborn ETFs also showed impressive trading volumes, with $3.6 billion traded across 500,000 individual transactions (1.2 million including GBTC).

• iShares (IBIT): Day 1 Fund Flows = 111.7, Day 2 Fund Flows = 386.0, Total Flows = 497.7
• Fidelity (FBTC): Day 1 Fund Flows = 227.0, Day 2 Fund Flows = 195.3, Total Flows = 422.3
• Bitwise (BITB): Day 1 Fund Flows = 237.9, Day 2 Fund Flows = 0.0, Total Flows = 237.9
• ARK/21Shares (ARKB): Day 1 Fund Flows = 65.3, Day 2 Fund Flows = 39.8, Total Flows = 105.2
• Franklin (EZBC): Day 1 Fund Flows = 50.1, Day 2 Fund Flows = 0.0, Total Flows = 50.1
• Invesco (BTCO): Day 1 Fund Flows = 17.4, Day 2 Fund Flows = 28.4, Total Flows = 45.7
• Valkyrie (BRRR): Day 1 Fund Flows = 0.0, Day 2 Fund Flows = 27.6, Total Flows = 27.6
• Van Eck (HODL): Day 1 Fund Flows = 10.6, Day 2 Fund Flows = 0.0, Total Flows = 10.6
• WisdomTree (BTCW): Day 1 Fund Flows = 1.0, Day 2 Fund Flows = 0.0, Total Flows = 1.0
• Grayscale (GBTC): Day 1 Fund Flows = -95.1, Day 2 Fund Flows = -484.1, Total Flows = -579.1
• TOTAL: Day 1 Fund Flows = 625.8, Day 2 Fund Flows = 193.1, Total Flows = 818.9
• Total, Excluding GBTC: Day 1 Fund Flows = 720.9, Day 2 Fund Flows = 677.2, Total Flows = 1398.0
• ProShares (BITO): Day 1 Fund Flows = 91.8, Day 2 Fund Flows = -109.7, Total Flows = -17.9

(All Units = Million Dollars)

*This is not investment advice.