Apr 2, 11:31 PM

Bitcoin ETFs Recover with $862M Inflows After $942M Outflow, Reach 56% Size of US Gold ETFs

Bitcoin ETFs witnessed a significant recovery with $862 million in inflows for the week ending April 1, 2024, after a previous week's outflow of $942 million, marking a dynamic shift in investor sentiment. On April 1, the sector experienced a net outflow of $85.7 million, despite BlackRock's IBIT and Fidelity's FBTC ETFs reporting substantial inflows of $165.9 million and $44 million, respectively, with Grayscale's GBTC leading the outflows at $302 million. However, on April 2, Bitcoin ETFs recorded net inflows of $40.3 million, led by BlackRock's $150.5 million investment. ARK 21Shares' ETF experienced the largest outflow among the ETFs for the first time, surpassing Grayscale's GBTC. Additionally, the total assets under management (AUM) for US Bitcoin ETFs stood at $57.7 billion, compared to US Gold ETFs at $102.3 billion, indicating that Bitcoin ETFs are at 56% of the size of US Gold ETFs. This period also saw a significant buying activity with over $1.6 billion of Bitcoin acquired by ETFs, including a net-flow of +$510 million, amidst a slowdown in ETF activity with daily trading turnover now at US$5.4 billion, down 36%.

#Bitcoin #BlackRock #IBIT #Fidelity #FBTC #Grayscale #ARK 21Shares #US Bitcoin #US Gold

Written with ChatGPT (GPT-4).

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