Major cryptocurrencies showed mixed trading on Thursday evening as the recently launched spot Bitcoin exchange-traded funds (ETFs) are experiencing combined negative flows for the first time since their trade debut on Jan. 11.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.26% | $40,118 |
| Ethereum (CRYPTO: ETH) | +0.86% | $2,234 |
| Dogecoin (CRYPTO: DOGE) | -0.32% | $0.078 |
What Happened: Funds such as BlackRock’s IBIT and Fidelity’s FBTC have failed to keep pace with the exits from Grayscale’s GBTC.
According to data collected by Bloomberg Intelligence analyst James Seyffart, the 10 spot Bitcoin ETFs, including GBTC, experienced a net outflow of $158 million on Wednesday.
Day 9 complete for the #Bitcoin ETFs. BlackRock only took in $66 million. -$158 million outflow for the entire group which is the largest single day net outflow so far pic.twitter.com/I8dsFMs9vT
— James Seyffart (@JSeyff) January 25, 2024
Of the ten funds, GBTC was the only one to experience negative flows over the week, with its total bitcoin in trust dropping to 523,516 from 592,098, reported CoinDesk. Among the other nine funds, BlackRock’s IBIT and Fidelity’s FBTC are leading, each holding over 40,000 bitcoin as of Jan. 24, compared to 20,000-25,000 just one week ago. Both funds are also approaching $2 billion in assets under management.
However, inflows for both funds have slowed in the past few days. For example, BlackRock added merely 1,663 tokens on Jan. 24, marking its lowest daily addition since opening for business and a decline from 8,705 on Jan. 17.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Pyth Network (CRYPTO: PYTH) | +13.04% | $0.42 |
| IOTA (CRYPTO: IOTA) | +11.89% | $0.25 |
| Chiliz (CRYPTO: CHZ) | +8.14% | $0.11 |
The global cryptocurrency market cap now stands at $1.56 trillion, showing a 0.48% increase in the past 24 hours.
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