Weekly web inflows and buying and selling quantity for U.S. spot bitcoin exchange-traded funds hit report ranges final week as bitcoin reached recent all-time highs earlier than retreating sharply.Web inflows for the ten spot bitcoin ETFs mixed reached $2.57 billion final week — up 15 % from the $2.24 billion price of inflows generated the week prior — in keeping with information from BitMEX Analysis and Farside Buyers.BlackRock’s IBIT continued its dominance, producing $2.48 billion in inflows. Constancy’s FBTC got here second with $717.9 million and VanEck’s HODL third with $247.8 million. Nonetheless, Grayscale’s transformed GBTC fund witnessed $1.25 billion in outflows, whereas Invesco’s BTCO additionally contributed $29.4 million in outflows.Complete web inflows since spot bitcoin ETF buying and selling started on Jan. 11 now stand at simply over $12 billion.“Web inflows yesterday because the Boomers purchased proper right into a nasty in a single day 8% selloff like no one’s enterprise capping off every week that noticed web $2.5 billion inflows and $35 billion in quantity (each data),” Bloomberg ETF analyst Eric Balchunas mentioned on Saturday.Spot bitcoin ETFs witness the most important weekly buying and selling volumeWeekly buying and selling quantity for the U.S. spot bitcoin ETFs mixed additionally hit a report $35.1 billion final week amid the volatility in bitcoin’s worth motion. Final week’s buying and selling quantity for the ETFs was 15% greater than the $2.24 billion registered within the prior week.BlackRock’s IBIT ETF once more led, producing a buying and selling quantity of $16.17 billion for the week. Grayscale’s GBTC and Constancy’s FBTC generated $8.24 billion and $6.5 billion in buying and selling quantity, respectively, in keeping with The Block’s Information Dashboard.BlackRock’s spot bitcoin ETF is now approaching a 50% market share by buying and selling quantity, at the moment at 47%. In the meantime, Grayscale’s higher-fee GBTC fund has slumped from a 50.5% market share on Jan. 11 to 23.1% as of Friday.Cumulative buying and selling quantity for all spot bitcoin ETFs now stands at $141.7 billion.Bitcoin worth retreats from recent all-time highsThe bitcoin worth reached a recent all-time excessive of $73,836 on Thursday earlier than a pointy selloff noticed the most important cryptocurrency by market cap fall over 12% to a low of $64,505 on Sunday. Bitcoin has since recovered barely, buying and selling for $67,718, in keeping with The Block’s worth web page.BTC/USD worth chart. Picture: The Block/TradingView.The decline was additionally witnessed throughout the broader crypto market, with the GM30 index — representing the highest 30 cryptocurrencies by market cap — falling 10% from a peak of 162.52 to a low of 146.52 final week. Nonetheless, the index has been up significantly since late final 12 months — at the moment buying and selling at 151.85.Disclaimer: The Block is an unbiased media outlet that delivers information, analysis, and information. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in different corporations within the crypto house. Crypto trade Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to ship goal, impactful, and well timed details about the crypto trade. Listed below are our present monetary disclosures.
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