In a notable divergence from the trend of the past week, spot Bitcoin ETFs observed a substantial net inflow of $247 million. This contrasted with the other nine ETFs, excluding Grayscale, which collectively recorded a net inflow of $467 million. Data from SoSo Value highlighted BlackRock’s ETF IBIT as a significant contributor, reporting a single-day net inflow of $299 million, constituting 64% of the total net inflows for the week.
However, Grayscale’s Bitcoin Trust (GBTC) reported a significant net outflow of $220 million, indicating a noteworthy shift in fund dynamics. Grayscale executed transactions transferring 2,682 BTC (approximately $114 million) to Coinbase Prime Deposit’s address. Additionally, the firm moved 5,281 BTC to a new address, speculated to be Grayscale’s updated custody address. These transactions suggest a potential restructuring in Grayscale’s asset management strategy.
Despite the net outflows from GBTC, ETF issuers collectively increased their Bitcoin holdings by over 4,200 BTC, valued at approximately $183 million. This shift in dynamics follows a week of negative daily flows, witnessing the exit of nearly 20,000 Bitcoins from the funds between January 23 and January 26.
The resurgence in net inflows contributed to a spike in Bitcoin’s price, reaching its highest point in the past three weeks. As the cryptocurrency market continues to evolve, the interplay between ETF fund flows and Bitcoin prices remains a dynamic factor influencing market trends.
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