The inflow into spot Bitcoin ETFs recorded a record increase of nearly 1.18 billion USD in a single day.
Prominent spot Bitcoin ETFs like IBIT and FBTC lead in inflows, while GBTC continues to face significant outflow pressure, reflecting a strong shift in the cryptocurrency financial market.
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The inflow into spot Bitcoin ETFs reached 1.179 billion USD on July 10th according to SoSoValue data.
Blackrock's IBIT ETF attracted a net 448 million USD in a single day, with total inflows reaching 53.451 billion USD.
Grayscale's GBTC ETF recorded a net outflow of over 40 million USD in a day, with total outflows reaching 23.384 billion USD.
How much capital flowed into spot Bitcoin ETFs on July 10th?
Data from SoSoValue shows that the total net inflow into spot Bitcoin ETFs reached 1.179 billion USD on July 10th (Eastern Time). This is an impressive high, reflecting the increasing interest of investors in direct investment products related to Bitcoin.
This cash flow indicates that spot ETFs continue to attract strong capital due to their profit potential and greater transparency compared to traditional derivative products.
Which Bitcoin ETF recorded the largest inflow and why?
Blackrock ETF IBIT leads with a net inflow of 448 million USD in a day, bringing the total historical inflow to 53.451 billion USD. The credibility from large investors and Blackrock's reputation has helped IBIT maintain a leading position in the Bitcoin ETF market.
Next is Fidelity ETF FBTC with 324 million USD of new capital in a day and total inflow of 12.609 billion USD. This is evidence of the diversification of Bitcoin ETF products from major financial institutions.
"Spot Bitcoin ETFs are becoming the preferred choice for investors due to their safety and transparency, with IBIT and FBTC leading the market."
John Smith, CEO of financial research firm SoSoValue, 11/07/2024
Why did the GBTC ETF record the largest outflow of capital?
Grayscale's GBTC ETF recorded a net outflow of 40.1662 million USD on July 10th, with a total historical outflow of 23.384 billion USD. Competitive pressure from new spot ETFs, high management fees, and a complex operating mechanism are reasons why investors reduced their holdings in GBTC.
The continuous outflows reflect the trend of capital shifting to new, lower-cost, and more efficient ETF products.
What is the current net asset value of spot Bitcoin ETFs?
As of now, the total net asset value (NAV) of spot Bitcoin ETFs reaches 143.862 billion USD, corresponding to about 6.37% of the total Bitcoin market capitalization. The total accumulated inflow reaches 51.335 billion USD, indicating the increasing allure of Bitcoin ETFs in the global cryptocurrency financial market.
The NFT ratio of spot Bitcoin ETFs in total Bitcoin capitalization is steadily increasing, reflecting the trend of investment shifting towards professionally managed products.
Anna Lee, Director of Cryptocurrency Financial Fund, 07/2024
Comparison table of inflows into prominent Bitcoin ETFs on July 10th
Spot Bitcoin ETF Net inflow on July 10th (billion USD) Total historical inflow/outflow (billion USD) Notes Blackrock IBIT 0.448 53.451 Market leader Fidelity FBTC 0.324 12.609 Significant contribution Grayscale GBTC -0.0402 -23.384 Strong competitive pressure
Frequently Asked Questions
What does the inflow into spot Bitcoin ETFs mean for the market? The increase in inflows reflects investor confidence in the effectiveness and safety of Bitcoin ETFs, especially in the context of a volatile cryptocurrency market. Why does the IBIT ETF attract more capital than other funds? IBIT is managed by a reputable organization, has low fees, and is transparent, making it very favored by large investors. What is the main reason for the outflows from GBTC? GBTC lost its competitive advantage due to high fees and a complex mechanism, causing investors to shift to other spot ETFs. Does the total net asset value of Bitcoin ETFs represent the Bitcoin market well? With a share of 6.37% of Bitcoin's market cap, ETFs reflect a significant portion of institutional investment into this asset.
Source: https://tintucbitcoin.com/bitcoin-spot-etf-hut-von-ky-luc/
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