- Net inflows into cryptocurrency ETFs showed a marked decline in the past week.
- It dropped from more than $1 billion to $199 million between March 12 and March 15, 2024.
- Analyst Eric Balchunas sees no reason to worry and reported record net inflows of $2.5 billion for the week.
On March 15, 2024, net daily inflows into spot bitcoin ETFs continued to show declines and fell to $199 million, according to data from the SoSo Value platform. The figure collapsed by more than $800 million in three days, dropping to the aforementioned mark from the record high of $1.05 billion.
Fidelity Investments’ crypto fund reportedly took the top spot in terms of capital inflows. It added more than $155 million to its balance sheet, and the volume of funds under its management reached a mark of $6.87 billion.
The second position remained for the spot bitcoin-ETF from the company BlackRock. The inflow to this fund amounted to $139.8 million. iShares Bitcoin Trust (IBIT) has $12.5 billion under management.
The third place was taken by an investment product from Bitwise Asset Management with an index of $20.5 million. The other cryptocurrency ETFs totaled $22.3 million.
The spot bitcoin ETF of financial giant Grayscale Investments traditionally stands out against the general background. The convertible fund belonging to the company once again showed an outflow of funds. This time the figure amounted to $139.4 million. A total of $11.8 billion has been withdrawn from Grayscale Bitcoin Trust (GBTC) since the launch of the product.
Bloomberg analyst Eric Balchunas sees no reason for excitement amid the decline in financial injections in recent days. He notes that last week, spot bitcoin-ETFs ended with a record net inflow of $2.5 billion.
Note #2: it was actually $2.5b in weekly net flows, I should have used calculator
- Eric Balchunas (@EricBalchunas) March 16, 2024
Earlier, the expert said that all crypto funds demonstrate stability and “healthy balance”.
Recall, we wrote that JPMorgan analysts denied the transfer of funds from gold-based investment products to spot bitcoin-ETFs.
