tl;dr
The latest data indicates significant inflows into BlackRock's iShares Bitcoin Trust (IBIT) with $192 million, while Bitwise's Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $11.1 million and $4.6 million worth of inflows, respectively. Bitcoin ETFs overall saw $91.3 million ...
The latest data indicates significant inflows into BlackRock's iShares Bitcoin Trust (IBIT) with $192 million, while Bitwise's Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $11.1 million and $4.6 million worth of inflows, respectively. Bitcoin ETFs overall saw $91.3 million worth of inflows.
Conversely, Grayscale experienced substantial outflows, with roughly $125 million worth of Bitcoin leaving the firm on Thursday, following $17.5 million the day before and a staggering $303 million on Monday. Grayscale's CEO attributed the selling to bankruptcy proceedings, and while Bitcoin ETFs may not directly drive Bitcoin's price movements, many have linked Grayscale outflows to bearish sentiment.
According to the most recent data, BlackRock's iShares Bitcoin Trust (IBIT) managed to record an impressive $192 million worth of inflows. Bitwise's Bitcoin ETF is in a distant second place with $11.1 million worth of inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) comes in third place with $4.6 million worth of inflows. Overall, Bitcoin ETFs saw a rather decent $91.3 million worth of inflows on Thursday. The largest cryptocurrency by market cap is currently changing hands slightly above the $71,000 level.
AFTER GIVING THE BULLS A GLIMMER OF HOPE, GRAYSCALE POSTS MASSIVE OUTFLOWS (AGAIN)
After giving the bulls a glimmer of hope that its disastrous outflows would finally come to an end on Wednesday, Grayscale is seeing massive outflows yet again. On Thursday, Grayscale bled roughly $125 million worth of Bitcoin. For comparison, it recorded $17.5 million worth of outflows the day before. Still, the most recent figure is much smaller compared to the $303 million that Grayscale's GBTC lost on Monday. The cryptocurrency community is, of course, waiting with bated breath to see Grayscale's streak of outflows finally coming to an end.
As predicted by Grayscale CEO Mike Sonnenshein, his firm's flagship fund was on the cusp of achieving an "equilibrium." The Grayscale boss attributed most of the selling to bankruptcy proceedings. Even though Bitcoin ETFs might not be the driving force behind Bitcoin's price moves, many have blamed Grayscale outflows for fueling bearish sentiment. Moreover, algorithmic trading protocols tend to react to daily ETF flows, and this tends to affect Bitcoin's price performance.
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