Serrari Group

Investor enthusiasm for the highly anticipated spot Bitcoin ETFs appears to be waning, with Wednesday recording the lowest single day of investor gross inflows since trading commenced on January 11th.

According to a report from JPMorgan Chase & Co., the nine newly launched funds collectively received approximately $270 million in inflows on Wednesday. However, after factoring in outflows from Grayscale Investment’s spot Bitcoin ETF, the overall net outflows amounted to about $153 million. This marks the third consecutive day of net outflows for the ten funds, with all outflows originating from GBTC, which transitioned from a trust structure following approval from the US Securities and Exchange Commission for the investment vehicle.

Describing the flow performance of the group as “disappointing,” JPMorgan noted that this trend was a contributing factor to their decision to downgrade cryptocurrency exchange Coinbase Global Inc. earlier in the week, as stated in an analyst report released on Thursday.

Since their debut, the nine new ETFs have garnered $5.2 billion in inflows, effectively offsetting the $4.4 billion in outflows from GBTC. However, recent days have seen a shift in this balance. Although daily net outflows from GBTC are on the decline, the total inflows into the other nine ETFs are decreasing at a faster rate, resulting in total net inflows of $857 million.

Despite the apparent slowdown in demand, the group of spot Bitcoin ETFs achieved the most successful ETF launch in history based on both trading and flow metrics, according to analysts from Bloomberg Intelligence.
By: Delino Gayweh
Serrari Financial Analyst
February 8, 2024

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