Wed, June 26, 2024 at 04:41

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some interesting news about the recent movements in the U.S. spot bitcoin exchange-traded funds (ETFs).

  • 
• Annie

  • Oh, that sounds intriguing!😊 What happened exactly?

  
• 

  Kang-hoon

  • On Tuesday, spot bitcoin ETFs in the U.S. returned to net inflows, drawing in a total of $31 million.

  • This comes after seven consecutive trading days of net outflows from the 11 bitcoin funds.

• Annie

  • Wow, that's quite a turnaround!

  • Which funds led the inflows?

  
• ADward

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• 

  Kang-hoon

  • Fidelity’s FBTC led the net inflows on Tuesday with $49 million, followed by Bitwise’s BITB with $15 million in inflows.

  • VanEck’s HODL also saw net inflows of $4 million.

• Annie

  • Interesting!

  • But were there any funds that experienced outflows?

  
• 

  Kang-hoon

  • Yes, indeed.

  • Grayscale’s GBTC saw net outflows of $30.3 million, and Ark Invest and 21Shares’ ARKB reported $6 million in net outflows.

• Annie

  • That's quite a contrast.

  • What about BlackRock’s IBIT?

  • It’s the largest spot bitcoin fund, right?

  
• 

  Kang-hoon

  • Correct.

  • Despite having a daily trade volume of $1.1 billion on Tuesday, BlackRock’s IBIT saw zero flows.

  • Other funds from Invesco, Galaxy Digital, Valkyrie, and Franklin Templeton also recorded zero flows yesterday.

• Annie

  • Zero flows?

  • That's surprising.

  • How have the 11 spot bitcoin funds performed overall since their debut?

  
• 

  Kang-hoon

  • Since their debut in January, the 11 spot bitcoin funds have accumulated a total net inflow of $14.42 billion as of Tuesday.

• Annie

  • That's impressive!

  • Are there any new developments in the ETF space?

  
• 

  Kang-hoon

  • Yes, U.S. issuers are working to launch spot ether ETFs.

  • They gained soft approval from the Securities and Exchange Commission last month and filed amended S-1 registration statements last week.

• Annie

  • Spot ether ETFs?

  • That sounds promising!

  • When are they expected to launch?

  
• 

  Kang-hoon

  • Eric Balchunas, a senior Bloomberg ETF analyst, expects spot Ethereum ETFs to launch by next week.

• Annie

  • Next week?

  • That's soon!

  • What are the expectations for these ether ETFs?

  
• 

  Kang-hoon

  • Bitwise Chief Information Officer Matt Hougan mentioned that spot ether ETFs could accumulate $15 billion in net inflows within the first 18 months after launching in the U.S.

• Annie

  • That's a significant amount.

  • Do you think this news is a positive sign for the market?

  
• 

  Kang-hoon

  • Yes, Annie.

  • This news is definitely a positive sign.

  • 

  • The return to net inflows for bitcoin ETFs and the upcoming launch of ether ETFs indicate strong investor interest and confidence in cryptocurrency ETFs.

  • This could lead to increased market activity and potentially higher valuations.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.