According to BitMEX Research’s most recent statistics, most spot Bitcoin ETFs suffered a sharp decline in inflows on Tuesday as demand and liquidity dried up. Remarkably, the outflow from the Grayscale Bitcoin Trust (GBTC) spot Bitcoin ETF reaches a historic low.
Net Inflows for Spot Bitcoin ETFs Decline to $33 Million
The overall inflows for 10 Bitcoin ETFs fell to just $33.7 million, according to BitMEX Research’s most recent spot Bitcoin ETFs inflow data, which was released on February 7. This is the second-lowest inflow for 10 spot Bitcoin ETFs, following a $14.8 million inflow on January 26, despite several net withdrawals.
The BlackRock Bitcoin ETF (IBIT) saw a record low in inflows of $45.2 million. A $137.3 inflow into the BlackRock Bitcoin ETF the day before sparked discussion about a potential rebound in interest in the Bitcoin ETF. The inflow into Fidelity’s FBTC decreased by $37.7 million as well.
Bitwise, Ark 21 Shares, VanEck, and WisdomTree’s bitcoin ETFs saw increases in inflows of $11.3, $8.6, $2.4, and $1.1, in that order. All underperforming Bitcoin ETFs have room to grow, according to Eric Balchunas, senior ETF analyst at Bloomberg.
Grayscale Outflow Delays
The withdrawal from Grayscale’s GBTC has slowed to a record low of $72.7 million following the U.S. SEC’s approval of the spot Bitcoin ETF on January 11. Monday, February 5th, saw a $107.9 million withdrawal from GBTC.
The drop in GBTC outflows suggests that the massive selloff on the Bitcoin ETF is about to come to an end. Experts predict a beneficial impact on the price of Bitcoin and the cryptocurrency sector. In the category, GBTC leads in liquidity. For Grayscale to stay at the top and keep charging exorbitant fees, a strong derivatives ecosystem built around the underlying ETF is required. At the moment, GBTC’s spot Bitcoin ETF has management costs of 1.5 percent.
CME Outperforms Binance Once More
Once more, CME’s Bitcoin Futures open interest (OI) has topped Binance. In just two days, cryptocurrency exchange Binance overtook CME to take the top spot for Bitcoin futures trading.
Following a roughly 5% increase in Bitcoin futures open interest, CME is once again the top Bitcoin futures exchange, with a notional open interest (OI) of 106,090 BTC valued at $4.55 billion. With 103,660 notional open interests valued at $4.46 billion, Binance comes in second.
