Bitwise revealed that $238 million of funds flowed into its spot Bitcoin exchange-traded fund on its first day of trading. bloomberg data.
This was the largest set of inflows, with Fidelity recording inflows of $227 million and BlackRock netting $111 million, according to preliminary data. However, this data may change and these numbers may increase.
Currently, this represents total inflows of $721 million across ETFs. This excludes Valkyrie’s spot Bitcoin ETF and Grayscale. Bitcoin BTC
-0.37%
trust. Significant leaks in grayscale can weaken the overall numbers.
“congratulations (by bit) “He won the first day of the Cointucky Derby with a flow of $238 million.” said Bloomberg Senior ETF Analyst Eric Balchunas on X. “(Fidelity) A moment that was close (black stone) A distant third (correct box bets have huge payouts). All told, $721 million for (the group). Amazing but still incomplete picture, slow flow data, we’ll know more tonight.
Balchunas noted that Grayscale’s reporting will come out a day later than others, so its activity may not be known until Friday evening at the earliest, or Tuesday evening at the latest.
Yesterday, Bitwise offered the lowest fees for a spot Bitcoin ETF at 0.2%. But today Franklin Templeton reduced its fees from 0.29% to 0.19%, according to its Form 8-K. This is 1bp lower than competitors.
Trading volume for spot Bitcoin ETFs on Thursday was healthy at $4.5 billion, with volume primarily concentrated in a few specific instruments.
Grayscale had the largest trading volume at $2.2 billion, despite its dominance in existing assets under management. BlackRock’s ETFs came in second with $1 billion in trading volume, while Fidelity came in third with $680 million.
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