How Did Spot Bitcoin ETFs Perform on Day 5?

Spot Bitcoin ETFs finished their fifth day of trading with a combined trading value of $13.7 billion. With $1.9 billion worth of funds having changed hands on Thursday. 

Online data shows that spot Bitcoin ETF issuers added a net of $440 million worth of Bitcoin to their holdings. Let’s explore more about this important news.

What Was the Day 5 Performance of Spot Bitcoin ETFs?

Approximately $358 million worth of transactions totaling 8,700 BTC were made by BlackRock’s ETF. Additionally, the data reveals that since their inception, nine ETFs, aside from Grayscale, have acquired nearly 68,500 BTC ($2.8 billion).

Bloomberg ETF analyst Eric Balchunas shared data on X showing that the new spot Bitcoin ETFs (excluding Grayscale’s GBTC) saw a spike of 34% in their daily trading volume at the end of the fifth day of trading. Interestingly, when it comes to weekly capital inflows among all U.S. ETFs, BlackRock and Fidelity’s Bitcoin ETFs rank fourth and fifth, respectively.

The Bitcoin ETFs from BlackRock and Fidelity each had over $1 billion in assets under management at the end of the fifth day of trading. This is thanks to investors flooding the new funds.

Why is Bitcoin down?

Spot Bitcoin ETFs have put up impressive numbers since they went live. However, Bitcoin’s price has continued to slide, moving to $41,159.21, which is a -10.60% decline in the last 7 days.

The purest explanation for this decline, among others, involves Grayscale Bitcoin Trust. Grayscale GBTC was successfully converted into an ETF last week. This presented its backers with a chance to make profits on the $28 billion of bitcoin it had amassed. GBTC redemptions have exceeded $1.6 billion over the last five days.

JPMorgan analysts led by Nikolaos Panigirtzoglou warned that if Grayscale’s investors continue to take profits, Bitcoin could face a further price slump.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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