Bitcoin ETF Net Inflows Near $1B After Three Days
Total assets grew even as Grayscale’s GBTC saw sizable outflows as investors cash in following its conversion to a spot ETF.
Total assets grew even as Grayscale’s GBTC saw sizable outflows as investors cash in following its conversion to a spot ETF.
ARK sold a similar amount – $15.8 million – worth of shares in the ProShares Bitcoin Strategy ETF (BITO), the first ETF linked to the bitcoin futures market to list in the U.S.
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Previous landmark events such as Coinbase’s stock exchange listing and ProShares’ futures’based bitcoin ETF debut happened at near market tops.
Veri about inflows is still incomplete and market watchers might have to wait until Friday evening for the full picture, Bloomberg analyst Eric Balchunas pointed out.
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CoinShares said the decision is a direct result of the SEC’s approval of the listing of a spot bitcoin ETF.
Bitcoin’s experience cautions traders against betting bullish on volatility on the day of the ETF approval.
Bitcoin ETFs clocked up some $4.6 billion in volumes on their first day, but market volatility hit futures speculators as prices whipsawed.