On the 29th, a total of 10 Bitcoin spot ETFs (exchange traded funds) recorded net inflows for the first time in a week, pushing Bitcoin (BTC) prices to their highest level since the day after the ETFs began trading.
Even considering that net outflows on the Grayscale Bitcoin Trust (GBTC) are slowing but still large, ETF issuers collectively accounted for more than 4,200 BTC on the 29th, worth approximately $183 million ( This means that the company has added to its assets worth approximately 27.45 billion yen (exchanged at 150 yen to the dollar). Last week, the daily flow of funds continued to be negative, with approximately 20,000 BTC outflowing from January 23rd to January 26th. The most recent day with net inflows was January 22nd, when over 1,200 BTC was added across 10 stocks.
Bitcoin prices fell below $39,000 last week due to heavy selling, but rose to $43,900 on the 29th. At the time of writing, it was trading at $43,500, up about 10% from its level a week ago.
Outflows in GBTC have continued to slow since the ETF’s launch. GBTC had an average outflow of $470 million per day in the first six days after the start of trading for spot ETFs, but according to research firm BitMEX, the outflow rose to $192 million on the 29th. Diminished.
According to BitMEX, total net inflows into Bitcoin spot ETFs exceeded $1 billion in the first 12 business days since approval on January 10.
｜Translation and editing: Rinan Hayashi
｜Image: Jim Wilson/Unsplash
｜Original text: Bitcoin Price Nears $44K as ETFs See Net Inflows for First Time in a Week