Newly started bitcoin exchange-traded funds (ETFs) are losing money overall for the first time since they began trading on Jan. 11. More money is being taken out of funds like BlackRock’s IBIT and Fidelity’s FBTC than is being put in, especially compared to Grayscale’s GBTC.
Bloomberg Intelligence analyst James Seyffart’s data shows that on Wednesday, the 10 major Bitcoin ETFs (including GBTC) lost $158 million in total. Day-to-day changes in these flows can vary a lot.
According to numbers gathered by CoinDesk from the issuers’ websites, all the spot ETFs (including GBTC) held around 649,000 bitcoins as of January 26th, compared to over 660,000 a week earlier. This shows a decrease of about 11,000 bitcoins.
During the week, the only fund that lost money was GBTC. The total amount of bitcoin it holds dropped from 592,098 to 523,516.
Out of nine other funds, BlackRock’s IBIT and Fidelity’s FBTC are doing their best. They each now have over 40,000 bitcoin as of Jan. 24, compared to 20,000-25,000 a week ago. They are also nearing $2 billion in assets under management.
However, the amount of money coming into both funds has decreased in the last few days. For instance, BlackRock only received 1,663 tokens on Jan. 25, which is the lowest number since they started, compared to 8,705 tokens on Jan. 17.
Read Also: Cryptocurrency Set to Reach $10 in 2024
Even though there was a decrease in activity last week, the 10 new exchange-traded funds (ETFs) that started on January 11 still attracted a lot of money.
Eric Balchunas, a colleague of Seyffart at Bloomberg, figured out that a total of $824 million has been invested since the launch of these ETFs. This means around 17,000-20,000 more bitcoins have been added to the market.
Disclaimer – The information on this website isn’t investment advice. Investing involves risks, and you could lose money when you invest.
