According to preliminary data from Farside Investors, Fidelity’s Bitcoin spot ETF (FBTC) saw a net inflow of $208 million on Monday, while Grayscale’s GBTC experienced a net outflow of approximately $192 million. The outflow of funds from GBTC has been slowing down for the past five days, with yesterday’s total outflow being the second-lowest since the fund converted to a spot ETF.
The continued outflow of funds from GBTC may be due to investors taking the opportunity to cash in their previous losses. Many cryptocurrency traders are closely monitoring the signs of slowing outflows from the fund.
According to data shared by Bloomberg ETF analyst James Seyffart, the total trading volume for nine new US Bitcoin spot ETFs reached $994.1 million on Monday, with GBTC trading at $570 million. BlackRock’s Bitcoin spot ETF (IBIT) and Fidelity’s FBTC had trading volumes that were only surpassed by GBTC, at $460.9 million and $315.4 million respectively, accounting for 78% of the total trading volume for the nine new ETFs.
Digital asset investment products saw a net outflow of $500 million last week, according to the latest weekly report released by digital asset management company CoinShares. From a global perspective, the outflow of funds from digital asset investment products was significant, totaling nearly $500 million. In terms of regions, the outflow of funds was mainly concentrated in the United States, Switzerland, and Germany, with totals of $409 million, $60 million, and $32 million respectively.
As the daily outflow of funds continued to decrease last week, the outflow of funds from digital asset ETPs has started to weaken, according to data from CoinShares. CoinShares stated:
“Increasing cost competition in the Bitcoin spot ETF market has led fund issuers to reduce fees to attract investors, not only in the United States but also in other countries. Invesco and Galaxy Asset Management are the latest companies to lower the fees of their spot ETFs (BTCO) from 0.39% to 0.25%. This adjustment will put them on par with products from BlackRock, Fidelity, Valkyrie, and VanEck.”
According to research by digital asset management company CoinShares, the fee competition in the United States may also affect ETFs in Europe, and it is speculated that traders are shifting from European products to those in the United States. Last week, Invesco reduced the fees for its Bitcoin ETP in Europe from 0.99% to 0.39%, and WisdomTree lowered the fees for its ETP from 0.95% to 0.35%. CoinShares also followed suit on January 25, reducing the fees for its Bitcoin investment products from 0.98% to 0.35%.
Data source: CoinShares
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