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Bitcoin ETFs have raised almost $1 billion in two days of trading


January, 18 2024
watermark Economic news

Spot bitcoin ETFs raised almost $1 billion in the first two days of trading, according to data from CoinShares. 


The leader was the investment company BlackRock, which raised $508 million, and Fidelity came in second place with $442 million. At the same time, Grayscale, which manages the largest bitcoin fund in the world, faced an outflow of funds in the amount of $579 million.


The outflow of funds from Grayscale can be explained by several factors. Firstly, investors may have decided to lock in profits after the sharp rise in the value of bitcoin. 


Secondly, Grayscale traded as a closed-end fund, which limited the ability of investors to sell their assets – they could only do this on the over-the-counter market and often at a large discount to the value of bitcoin.


Finally, Grayscale's 1.5% commission was higher than that of its competitors, which could also influence investors' decision.


And when Grayscale became liquid, this led to pressure on sellers from the company, which could also accelerate the outflow of funds.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.