Coin Edition - According to ARKHAM report, Bitcoin total value currently stands at $20,183,095.86, with a recent decline of $55.56K, likely reflecting minor day-to-day fluctuations. Notably, Bitcoin constitutes a significant portion of this portfolio, with holdings totaling 300.348 BTC valued at $20.18M, as each Bitcoin is priced at $67,199.00, down $185.00 from its previous value.
Source: ARKHAM
Alongside this insight, BlackRock’s IBIT Bitcoin ETF experienced a notable surge in inflows on Wednesday, reflecting a positive shift in sentiment within the cryptocurrency market.
The influx of $113 million marked a turnaround from Monday’s net outflows of $85.7 million, primarily driven by Grayscale’s GBTC. The slowdown in GBTC outflows, totaling $75.1 million on Wednesday, contributed significantly to this reversal.
Farside data reveals a total net inflow of $12.2 billion, with Fidelity’s FBTC leading with $116.7 million, followed by Blackrock’s IBIT with $42 million, and Bitwise’s BTIB recording $23 million in inflows. Other ETFs witnessed relatively modest inflows, each adding less than $4 million. This resurgence in inflows contrasts sharply with the earlier part of the week, underscoring the dynamic nature of cryptocurrency investment.
The easing of outflows from Grayscale’s GBTC ETF is particularly noteworthy, with Wednesday’s figure marking its lowest since February 26. This positive development follows a period of significant selling pressure triggered by Genesis Global Holdco LLC’s potential sale of 35.9 million GBTC shares, valued at around $2 billion. Genesis received permission from the U.S. Bankruptcy Court for the Southern District of New York to proceed with the sale on February 14.
One distinguishing factor among the various ETFs is the fee structure, with GBTC charging a higher fee of 1.5% for its spot Bitcoin ETF compared to FBTC and IBIT, which charge 0.25%. Despite outflows and complaints, GBTC appears unlikely to lower its fee in the near term.
Equity mutual funds have seen $3.5T of outflows in past 10yrs yet their assets has jumped by $6T to reach $14T bc stocks up 280% in that time. This prob the best eg of the "bull market subsidy" there is and why $GBTC likely not motivated to lower fee despite outflows/complaints pic.twitter.com/z47TFeqmVq— Eric Balchunas (@EricBalchunas) April 3, 2024
Bloomberg ETF analyst Eric Balchunas attributes this to the bullish market conditions, likening it to the situation with equity mutual funds, which have seen significant outflows but have continued to increase in assets due to overall market performance.
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