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On Tuesday, BTC struck a new 2024 high of $68,735. Investors reacted positively to BTC-spot ETF market data for Monday, March 4. According to available data, Grayscale Bitcoin Fund (GBTC) saw net outflows fall from $492.4 million to $368.0 million on Monday, March 4. The pullback in net outflows aligned with investor expectations that GBTC net outflows have peaked. Net outflows surged after the February court approval for Genesis Global Holdco LLC to liquidate GBTC shares worth approximately $1.3 billion. The BTC-spot ETF market will see net inflows on March 4 despite GBTC outflows. According to Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows jump from $49.3 million (March 1) to $404.6 million (March 4). The BTC-spot ETF market saw total net inflows of $164.6 million, excluding flow data from iShares Bitcoin Trust (IBIT), Invesco Galaxy Bitcoin ETF (BTCO), and Valkyrie Bitcoin Fund (BRRR).
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Despite the successful debut of spot exchange-traded funds (ETFs) on Ethereum, investor interest is shifting towards Bitcoin. Experts attribute this to increased activity in the options market. This is reported by The Block. According to analysts at QCP Capital, Bitcoin options are now more volatile than Ethereum options. The volatility of Bitcoin options is 1-3% higher than that of Ether, indicating the expectation of more significant fluctuations in the Bitcoin price in the near future. The total trading volume of shares of the first US spot Ether-based ETFs reached $1 billion on the first day. The total net capital inflow into spot ETH-ETFs on the first day of trading amounted to more than $106 million. At the same time, the outflow from the Grayscale Ethereum Trust, which was transformed into a fund, amounted to $458 million, according to Coindesk. Thus, investors invested significantly less than the $655 million that the Bitcoin ETF attracted on the first day of trading.
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