"Clear Flows of $418 Million to Bitcoin Exchange-Traded Funds"

 

"Clear Flows of $418 Million to

Bitcoin Exchange-Traded Funds"

The direct Bitcoin trading experience in the United States witnessed

a rejuvenation in new inflows, marking a shift in direction after

a series of negative net flows during the past week.

According to data from Farside Investors, the top ten approved Bitcoin exchange

traded funds (ETFs) saw a net inflow of $418 million on March 26th

with Black Rock and Fidelity leading the way.

Fidelity's fund recorded its largest daily inflow since March 13th

attracting $279.1 million on March 26th.

The investment :

giant added 4,000 Bitcoins to its portfolio

marking the second consecutive day of inflows surpassing $260 million.

Similarly :

Black Rock's fund saw inflows of $162.2 million

although daily inflows remained lower compared to

earlier in the month when they exceeded an average of $300 million per day.

Flows leaked from Grayscale

while internal flows were recorded in other funds. The Ark 21Shares Bitcoin

ETF recorded its best day since March 12th, with inflows reaching $73.6 million.

Companies such as Invesco Galaxy, Franklin Templeton

and Valkyrie also saw inflows exceeding $26 million in their respective funds.

In contrast :

Grayscale's Bitcoin Trust (GBTC)

continued to record negative net flows, with a daily outflow of $212 million.

However :

inflows from its competitors surpassed those of GBTC

Since its conversion to an ETF on January 11th

Grayscale has witnessed significant inflows of

77,393 Bitcoins, valued at approximately $19.5 billion at current market prices.

In a recent post on X

• Eric Balchunas, a prominent ETF analyst at Bloomberg

• pointed out Bitcoin ETFs on a chart of the top 30

• asset funds in the first 50 days of trading.

The list includes four Bitcoin ETFs, including IBIT from Black Rock and FBTC

from Fidelity which Balchunas noted are "in a league of their own."

He also noted that :

the Bitwise Bitcoin ETF (BITB)

currently the eighth-largest Bitcoin trading fund by assets under management

has surpassed even the SPDR Gold Shares (GLD), the world's largest gold fund.

On March 26th :

Hashdex, a digital asset management company

joined the list as the eleventh Bitcoin ETF issuer in the United States.

They announced the conversion of their futures-focused fund into an actual

product, now trading under the name DEFI.

Bitcoin Price Holds at $70,000 :

The price of Bitcoin held steady at $70,000 amid news of the London Stock

Exchange's intention to launch Exchange Traded Notes (ETNs)

for Bitcoin and Ethereum in May.

These decisions follow the previous announcement by the exchange to accept

applications for crypto ETNs during the second quarter of this year.

In a recent memo, digital asset trading company QCP Capital also revealed that

asset managers continue to add Bitcoin allocations as "diversifiers for portfolios."

Additionally :

requests for structured products such as collars and futures cash

tools have poured in, revealing a strong desire to diversify investment

portfolios using Bitcoin, the Singapore-based digital company wrote.

"In abstract :

wealth offices in major banks have been pleasantly surprised by the huge

demand from clients for Bitcoin ETFs, alongside requests

for structured products like collars and futures cash tools."

QCP even anticipated that the leading cryptocurrency would maintain its

momentum, breaking records and reaching the desired $100,000 level.