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Before the approval of the Bitcoin spot ETF, there was hype about its use cases, which lured millions of fresh users and billions of dollars in inflow. Over the last few weeks, Grayscale’s ETF has been witnessing massive outflow.
The Bitcoin spot ETF (Exchange Traded Fund) has seen an inflow of $15.4 Million after a massive outflow in the past few weeks. The ETFs of Fidelity and BlackRock are riding high.
In the past 24 hours, IBIT’s spot ETF by BlackRock saw an intraday volume of $2.62 Billion, Grayscale (GBTC) $1.34 Billion, and FBTC (Fidelity) $1.26 Billion. Grayscale (GBTC) has $27.68 Billion of assets under management, and IBT has $15.58 Billion AUM.
The total intraday volume of the Bitcoin ETF market is $6.44 Billion, and the market capitalization is $76.46 Billion. Earlier this week, the ETF category saw a cumulative outflow of $887.6 Million, majorly from the Grayscale.
Around 11 institutions entered the race for the ETF in January 2024, and the approval of Bitcoin spot ETF will be written in the history of the crypto market. A week after approval, it saw an inflow of billions of dollars and some new users.
The hype of Ethereum spot ETF is broadly circulated, and there is speculation that it might get a green signal from regulators in May 2024. According to market observers, the inflow of funds is directed by the flourishing price of Bitcoin.
BTC Pre Spot ETF Approval Vs Post Approval
The Securities and Exchange Commission of the United States has rejected the application for the approval of the Bitcoin spot ETF. Companies like Grayscale and Fidelity have tried to get regulatory approval but failed every time.
Regarding price movement, Bitcoin has changed its track and path of trading, and suddenly, the approval of spot ETF has pushed the price above $60k. When writing, it was trading at $70,760 with an intraday growth of 5.65%.
Market observers broadly thanked the ETFs as, after their approval, the prices of BTC first traded above $73,000, which became its all-time high. In the 52 weeks, its prices grew 155.31%; in terms of market cap, BTC is the largest, and in trading volume, it is the second most traded crypto.
Market Price Updates
The crypto market capitalization has surged more than 5% in the past 24 hours and reached $2.62 Trillion as of writing. Ethereum is the second most prominent cryptocurrency in market capitalization; it surged 5.69% in the past 24 hours.
Ondo’s (ONDO) price surged 119% in the past seven days, making it the weekly gainer’s list topper. Internet Computers (ICP) grew 72.52%, eCash 49.70%, Floki (FLOKI) 45.46% and Dogecoin (DOGE) 42.58%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
