According to CoinDesk: The first month of bitcoin exchange-traded funds (ETFs) has been marked by significant success, with daily net inflows averaging about $125 million. Despite major outflows from Grayscale's Bitcoin Trust (GBTC), it remains a significant player amidst the emerging products. The introduction of these ETFs into the market heralds a remarkable shift in cryptocurrency investment, drawing significant attention.
Over the past month, new Bitcoin ETFs have accrued an average net inflow of $125 million worth of bitcoin each day, even considering significant outflows from the GBTC. In a single month, bitcoin funds excluding GBTC have acquired over $11 billion worth of bitcoin, with three ETFs surpassing $1 billion in assets under management. Those include BlackRock's IBIT, Fidelity's FBTC, and Ark 21's ARKB.
The success of these ETFs had an impact on Bitcoin's price, which recovered after a brief dip following the initial trading day and recently exceeded $50,000. Notwithstanding significant outflows since converting into a spot ETF, Grayscale's GBTC remains a key player in the market, with its assets under management currently nearing $24 billion.
The popularity of these ETFs is expected to grow significantly once major wealth management platforms start to offer these products to their clients. While traditionally, a lag period of around six months is expected, the wait may be shorter in this case due to the remarkable success of the Bitcoin ETFs thus far. The future promises an influx from US wealth managers and Registered Investment Advisors, potentially unlocking even more demand and interest in Bitcoin ETFs.
