After a straight week of outflows for spot Bitcoin ETFs, the funds took in 228.97 BTC yesterday. That's the first time the net flow has been positive for Bitcoin ETFs since Friday, March 15.
When Bitcoin hit a rough patch of volatility last week, the ETFs saw outflows of nearly $1 billion.
At today's Bitcoin price, that means the ETFs took in roughly $15 million. BTC is currently trading for $71,014.23 after having inched past $70,000 yesterday afternoon. BTC's market capitalization is now just shy of $1.4 trillion and the world's oldest and largest cryptocurrency saw $47 billion worth of coins change hands in the past day.
It was the Fidelity Wise Origin Bitcoin Fund (FBTC) that won the day, seeing BTC inflows worth $262 million on Monday. BlackRock's iShares Bitcoin Trust (IBIT) saw $35 million worth of new shares created, followed by Franklin Templeton's Franklin Bitcoin ETF (EZBC) with $20.5 million.
Bitcoin Price Surges Back Above $70,000 With Halving 25 Days Away
With the Bitcoin halving less than 25 days away, the number-one cryptocurrency is nearing its all-time high again, breaking $70,000 again after a week-long downturn. According to CoinGecko, Bitcoin is trading at $70,561, up 9% in the last 24 hours and 5.5% over the last seven days. The last time Bitcoin was above $70,000 was March 14 before the digital asset began to slide and subsequently went on a wild ride consisting of ETF outflows, cryptocurrency exchange flash crashes, and inflation. Earli...
It's very much been the case that Wall Street titans have grown their assets under management faster than their more crypto-specific counterparts, like Cathie Woods's ARK Invest or VanEck.
The outlier in the group has been the Grayscale Bitcoin Trust (GBTC), which has been trading on OTC desks since 2013 before it was converted into a spot ETF in January. Since the fund was converted, it's seen more than $14 billion withdrawn by investors.
Despite the GBTC outflows, execs and analysts agree the success of the new ETFs has demonstrated that there was pent-up demand from institutions for BTC.
“I think you can't decouple the new demand for Bitcoin with the announcement of the spot ETFs,” Coinbase Asia-Pacific Managing Director John O’Loghlen told Decrypt recently. “I think that that's a reality that sunk in and then we need to watch where does it go from here.”
Coinbase Stock Soars as Bitcoin Blasts Back Above $70,000
As Bitcoin soars back above $70,000 per coin, another crypto investment is roaring alongside it: Coinbase stock. The publicly-traded exchange’s shares (COIN:NASDAQ) are trading at $279.65 a pop—the highest since November 2021, when the last crypto bull run was at its peak. Over the past month, the company’s stock price has jumped by 44%, Nasdaq data shows. Zooming out further, the results are even more impressive: COIN is up 346% over the past year. San Francisco-based Coinbase went public in...
Meanwhile, publicly traded crypto exchange Coinbase has seen its shares receive a boost from BTC gains. The San Francisco company, whose shares trade under the COIN ticker on Nasdaq, closed at $279.71 on Monday—that's a 14% gain in a single day. And in pre-market trading early Tuesday morning, the stock has already climbed another 2% to $285.60.
COIN has seen its stock become even more closely tied to Bitcoin because it's acting as the custodian for the much of the 206,000 BTC backing ETF shares. Analysts are looking forward to seeing just what that's done for Coinbase's bottom line during its Q1 2024 earnings call, which is expected to take place in May.
