Bitcoin ETFs posted $2.2B in net income in the week
Between February 12th and February 16th, it had another strong week with net revenue exceeding $2.2 billion. According to Bloomberg analyst Eric Balchunas, the combined rate was higher than any other rate among the 3,400 ETFs. It is available in the United States.
BlackRock's fund IBIT received most of the capital, accumulating $1.6 billion in positive flows last week, according to data from BitMEX Research. “$IBIT alone has taken in $5.2b YTD, which is 50% of BlackRock's total net ETF inflows, across 417 ETFs,” Balchunas said.
Among Bitcoin (BTC) funds with billions of dollars in assets, Fidelity's FBTC saw the biggest gain, pulling in $648.5 million over the past five trading sessions. Ark 21Shares ARKB raised $405 million during the same period, while Bitwise's BITB Capital raised $232.1 million.
The outflow from Greyscale's GBTC is hampering the performance of the EFS composite. The fund has seen $624 million in outflows over the past few days as investors have sold stocks and shifted to lower-paying products. The grayscale fund has seen more than $7 billion in capital exits since switching from unregulated products to ETFs on Jan. 10.
The new ETFs are believed to be one of the factors driving Bitcoin's recent price gains. Buoyed by market sentiment surrounding the US Securities and Exchange Commission (SEC) approval of funds last month, the cryptocurrency has surged 91% in the past four months.
Over the week, Bitcoin has gained nearly 7% and is trading at $51,434 at the time of writing, up 24% in February.
Major banks and financial institutions have launched the new EFF. In a February 14 letter, a coalition of trade groups representing Wall Street's largest firms asked the SEC to revise Staff Accounting Bulletin 121 (SAB 121), which provides guidance on accounting for crypto asset management obligations. The amendment allows banks to act as custodians of BTC.
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