Summary
TLDR: US spot bitcoin ETFs saw a $60 million inflow on the day of the bitcoin halving, breaking a five-day outflow streak. Overall, US bitcoin funds had $319 million in outflows prior to Friday. Grayscale Bitcoin Trust ETF had the largest outflows, while BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund had net inflows. Trading volumes for crypto ETPs dipped to $18 billion last week, indicating waning investor appetite. BlackRock extended its daily net inflow streak to 69 days.
Key Points
1. Demand for US spot bitcoin ETFs slowed down, but the category saw a $60 million influx of assets on the day of the bitcoin halving.
2. Grayscale Bitcoin Trust ETF (GBTC) experienced significant outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows last week.
3. Trading volumes for crypto exchange-traded products (ETPs) decreased to $18 billion last week, with ETP/ETF investor appetite waning due to expectations of prolonged high interest rates set by the Federal Reserve.