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GALAUSD Gala

0.0472
0.00 (0.00%)
01:04:42 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Gala GALAUSD Crypto 1,595,752,171 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.00 0.00% 0.0472 0.0473 0.0474
High Price Low Price Open Price Prev. Close 52 Week Range
0.0472 0.0471 0.0472 0.0472 0.012520 - 5.29
Exchange Last Trade Size Trade Price Currency
KRKN 16:15:56 10,570.82 0.0473 USD
Price x Volume Volume Base Symbol Related Pairs
395,872.14 8,310,327.69 GALA GALAEUR GALAGBP GALABTC

Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks

15/02/2024 1:00pm

NEWSBTC


Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs) are currently in the limelight as the products have seen massive net inflows in the past few days than in the initial weeks of introduction, dominating the market of crypto investment products. Bitcoin ETF Inflows Surges In The Last 4 Days Thomas Fahrer, the co-founder of Bitcoin tracking platform Apollo, took to the social media platform X (formerly Twitter) to share the development with the community. Fahrer pointed out that BTC spot ETFs are presently experiencing a “total acceleration” of inflows. Related Reading: Fee Cuts in Bitcoin ETF Battle: Invesco and Galaxy Respond; Render Competitor Attracts Key Investors Fahrer emphasized that Bitcoin ETFs underperformed in the first few weeks compared to the last four days. He noted that BTC had a significant inflow of 42,000 BTC during the first 20 days of trading. Meanwhile, the products in the past 4 days have witnessed an inflow of 43,000 BTC tokens valued at $2.3 billion. This latest surge in inflows suggests renewed adoption of the products from crypto players and investors. Data from Apollo reveals that Grayscale is the leading firm in Assets Under Management (AUM). Registered as Grayscale Bitcoin Trust (GBTC), the company boasts a whopping $23.7 billion AUM. However, this is a notable drop from $28 billion in assets it had on January 11, after transitioning to an ETF. This is due to the daily net outflows the fund has seen since it was approved by the US Securities and Exchange Commission (SEC). Blackrock comes in second after Grayscale, with an asset under management of over $5 billion since it started trading. It is followed by Wise Origin Bitcoin Trust (FBTC) and Ark/21Shares Bitcoin Trust (ARKB), which come in third and fourth place, respectively. Investment firm Bitwise’s Bitcoin ETF (BITB) is the latest company to reach the billion-dollar milestone. As of the press, the company’s BTC ETF is the fifth largest behind the aforementioned asset management companies. Blackrock Records Its Largest Inflow On Tuesday, Blackrock recorded its largest inflow day ever since Bitcoin ET products were approved. A senior Bloomberg Intelligence analyst, Eric Balchunas, revealed information regarding the update on X. Related Reading: Breaking Down Bitcoin ETFs’ Early Trading Days; a New Render Challenger Emerges He stated that Blackrock’s BTC ETF was booming on Tuesday, seeing almost “half a billion” inflow. According to the data shared by Balchunas, IBIT made $493 million in revenue during the trading day. IBIT’s previous largest daily net inflow was $386 million, recorded on the second trading day of January 12. Consequently, Blackrock’s Bitcoin ETF overall inflow exceeded the $5 billion mark after the Tuesday event. So far, of all ETFs, Blackrock’s IBIT leads by “7% by size in just 23 days of trading.” These developments came in light of the recent rally around Bitcoin in the past few days, which took BTC’s price above $ 50,000. Many market enthusiasts believe that a major factor in the rally is the reason surrounding the BTC ETF flows. Featured image from iStock, chart from Tradingview.com

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