For the inaugural time in a week, spot Bitcoin ETFs registered a net inflow of $247 million. This shift in fund movements was notably pronounced among the remaining nine ETFs, excluding Grayscale, as they together experienced a net inflow of $467 million. According to information from SoSo Value, BlackRock’s ETF IBIT observed a one-day net inflow of $299 million, making up 64% of the overall net inflows for the week.
Also of interest: Ripple’s co-founder confirms a $113 million theft, resulting in a 5% decrease in XRP.
In a contrasting development, Grayscale’s Bitcoin Trust (GBTC) reported a substantial net outflow of $220 million. Grayscale executed a transfer of 2,682 BTC, valued at approximately $114 million, to Coinbase Prime Deposit’s address. Additionally, the company moved 5,281 BTC to a new address, speculated to be Grayscale’s updated custody address. These transactions suggest a significant restructuring in Grayscale’s asset management strategy.
Despite the net outflows from GBTC, ETF issuers increased their holdings by over 4,200 Bitcoin, amounting to approximately $183 million. This shift in dynamics follows a week of negative daily flows, during which almost 20,000 Bitcoins exited the funds between January 23 and January 26.
For more details: Coinbase challenges the SEC’s rejection of the digital asset rulemaking petition.