In the last 24 hours, the BTC ETF has received $255 million

In the last 24 hours, the BTC ETF has received $255 million

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by Max Nevskyi

3 years ago

Well-known Chinese journalist Colin Wu reported that the data from SoSoValue indicate changes in the market of cryptocurrency ETFs. As of January 29, 2024, the total inflow of funds into the BTC ETF in real time amounted to $255 million, while the outflow of funds from Grayscale GBTC reached $191 million in one day. The remaining 9 funds, excluding Grayscale, increased their assets by $446 million.

Vetle Lunde, a popular analyst and researcher of the cryptocurrency market from K33 Research, stressed that the new ETFs now store 150,000 BTC, and this amount was accumulated in just 3 weeks. He also noted that the slowdown in the outflow of funds from GBTC has led to the fact that daily BTC flows in the United States have become the strongest since January 17.

Vetle Lunde added that BlackRock took only 13 trading days to surpass the combined assets of all Canadian BTC ETFs.

Another well-known researcher of the crypto industry, WhalePanda, noted that the net daily inflow of funds in the amount of $250 million is an impressive indicator and may mean the withdrawal of 5.8 thousand BTC from the market in one day, despite the fact that about 900 coins are mined per day.

He warned that although the inflow of funds may continue, at some point it will begin to slow down, and this may cause increased volatility and sharp changes in bitcoin prices. The expert also stressed that with limited supply and price movements, unforeseen events may occur, which will make the bitcoin market more unstable.

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