Bitcoin ETFs Absorb $520 Million As Grayscale Outflows Reach New Low

cryptonews.com:

Bitcoin spot ETFs sprang back into action on Monday as Bitcoin’s (BTC) price skyrocketed to $57,000 for the first time since November 2021.

Data compiled by BitMEX Research shows that Bitcoin ETFs experienced $520 million of daily net inflows – one of their top five best-performing days since launching on January 11. In total, the ETFs have absorbed $6 billion in BTC since that date.

That includes flows surrounding the Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund which converted into an ETF in January. Though the company’s high fee structure has triggered non-stop outflows from the fund in favor of cheaper competitors, yesterday’s daily outflow reached a record low of just $22.4 million.

This comes less than a week after the European Central Bank dismissed Bitcoin as having no real value, and called its rally following ETF approvals a “dead cat bounce.

In the past 47 days, Grayscale has suffered $7.4 billion of outflows, while competing funds from BlackRock, Fidelity, and others have absorbed $13.4 billion. In total, ETFs now hold over 723,000 BTC, worth $41.2 billion at today’s price.

$ARKB with best flow day ever, Fidelity and Franklin with their 2nd biggest days ever. $IBIT tho relatively underwhelming at 'only' $111. As a team tho they netted half a billion. This is like when Embiid has an off night but Maxey and Harris pop off in Sixers blowout win. https://t.co/Rxe8FIFxEc

— Eric Balchunas (@EricBalchunas) February 27, 2024

Flows were impressive on Monday, as the nine newly launched Bitcoin ETFs – excluding Grayscale – experienced record daily volume totaling $2.4 billion, including $1.3 billion for BlackRock’s ETF alone. The figure put IBIT into the top 11 ETFs by volume in the entire country.

While