Bloomberg ETF analyst Eric Balchunas reports on the latest developments in Bitcoin Spot ETFs. According to its statement, on the ninth day of operations, BlackRock raised only $66 million, while the entire group experienced an outflow of $158 million. This marks the largest single-day net outflow ever.
Balchunas shared mixed information about the situation. On the positive side, outflows from Grayscale Bitcoin Trust (GBTC) are trending downward. However, the same trend is observed on the inflow side for the other nine Bitcoin ETFs, which is cause for concern.
Despite these developments, total net flows remain positive at $824 million. Additionally, ARK Blockchain & Innovation ETF (ARKB) and Bitwise 10 Crypto Index Fund (BITB) have surpassed the half-billion mark. Balchunas noted that for any normal launch, reaching such a figure in the first month is considered a groundbreaking achievement.
BTC Spot ETFs were approved by the SEC approximately two weeks ago with the casting vote of Chairman Gary Gensler.
*This is not investment advice.