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Bitcoin Spot ETFs Gain $31M, Reversing Week of Outflows

Following a week of net outflows, U.S. Bitcoin spot exchange-traded funds (ETFs) recorded a significant net inflow of $31 million this Tuesday. According to SoSoValue data, this change marks a reversal from the previous trend affecting the 11 Bitcoin spot ETFs, which saw continuous outflows over seven trading days.

Bitcoin Spot ETFs Gain $31M, Reversing Week of Outflows
Source:SoSoValue data

Spot Bitcoin ETFs Attract Investors Amidst Regulation

Fidelity’s FBTC led the charge with a substantial $49 million in net inflows, followed by Bitwise’s BITB with $15 million, and VanEck’s HODL added $4 million. Despite this positive shift, Grayscale’s GBTC experienced a decrease, with $30.3 million flowing out, and Ark Invest and 21Shares’ ARKB also reported $6 million in net outflows. Despite these mixed results, the total net inflows for these funds since their January debut reached $14.42 billion, underscoring sustained investor interest.

The Financial Conduct Authority (FCA) has recently approved the first crypto ETPs for trading on the London Stock Exchange, signaling a significant step towards integrating digital assets into mainstream financial markets. Additionally, the FCA initiated a regulatory sandbox that allows companies to test digital securities trading with real customers in a controlled environment, addressing the rapid technological advancements in financial markets.

Ethereum ETFs Expected to Launch Soon

With the crypto focus expanding, U.S. issuers are actively preparing to launch spot Ethereum ETFs following tentative approval from the Securities and Exchange Commission (SEC). Last week, firms filed amended S-1 registration statements, with industry experts predicting that the launch could happen next week. Matt Hougan, Chief Information Officer at Bitwise, expects these Ether ETFs to attract around $15 billion in net inflows within the first 18 months of their U.S. introduction.

German Government Sells Seized BTC

Meanwhile, the German government has started liquidating Bitcoin seized from the movie piracy website Movie2k.to, selling about $325 million last week and planning to sell more. Additionally, the upcoming distribution of Bitcoin owed to former customers of the now-defunct cryptocurrency exchange Mt. Gox could introduce up to 140,000 BTC, valued at $9 billion.

Also, the German government transferred 200 BTC to Coinbase, and simultaneously, an identical amount was sent from the same wallet to Kraken.

The digital asset investment products experienced a second consecutive week of outflows, totaling $584 million, amidst investor pessimism about potential interest rate cuts by the Federal Reserve. Last week also marked the lowest trading volumes on ETPs globally since the launch of U.S. ETFs in January, totaling just $6.9 billion.

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