Bitcoin ETFs experience a significant increase in investment with a $247 million influx as the price of BTC approaches $44,000 once more.
Spot Bitcoin ETFs experienced a notable change in fund flows this week. While Grayscale’s Bitcoin Trust (GBTC) saw a significant net outflow of $220 million, other ETFs, excluding Grayscale, collectively received a net inflow of $467 million. BlackRock’s ETF IBIT contributed to this trend with a single-day net inflow of $299 million, accounting for 64% of the total net inflows for the week, according to data from SoSo Value.
In a surprising move, Grayscale transferred 2,682 BTC, valued at approximately $114 million, to Coinbase Prime Deposit. Additionally, the company moved 5,281 BTC to a new address, which is speculated to be their updated custody address. These transactions suggest a possible restructuring in Grayscale’s asset management strategy.
Despite the net outflows from GBTC, ETF issuers increased their holdings by over 4,200 Bitcoin, worth approximately $183 million. This shift in dynamics follows a week of negative daily flows, during which nearly 20,000 Bitcoins were withdrawn from the funds between January 23 and January 26.
As a result of these developments, Bitcoin’s price witnessed a surge, reaching its highest point in the past three weeks. It remains to be seen how these changes will impact the cryptocurrency market moving forward.
For more news and updates, follow us on Google News.
