Bitcoin Short ETFs Record $1M Outflows Weekly, Awaiting Spot BTC ETF Approval
Digital asset investment products, or exchange-traded products (ETP), saw $151 million in revenue in the first week of 2024, CoinShares data shows. Grayscale vs. The last week of inflows since the SEC filing brought the total to $2.3 billion.
The first place in the United States is the lead-up to the potential approval of the Bitcoin (BTC) exchange-traded fund (ETF) in the latest digital asset investment flow data, as the contribution of United States-based exchanges paint a bullish picture of the crypto ecosystem. 55% of total investment flow in first week of 2024.
Bitcoin saw the highest revenue at $113 million, followed by Ether (ETH) at $29.6 million. Popular earning Altcoins include Cardano's (ADA), Avalanche (AVAX) and Litecoin (LTC), with $3.7 million, $2 million and $1.4 million respectively.
Another bullish sign for Bitcoin came in the form of outflows from Bitcoin short positions totaling over $1 million in the past week. Earlier, many market analysts predicted that the potential approval of the BTC ETF could be a “buy the rumor, sell the news” phenomenon, but the latest digital asset investment flow data contradicts the large volume of flows in the past several weeks.
The Greyscale Bitcoin Trust traded nearly half a billion on Jan. 8, more than 99% of the 3,000 current ETFs in the market. On the same day, the price of Bitcoin hit another annual high above $46,000, trading at $46,865 at the time of writing.
$GBTC has traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and it's a reminder that if you start with other people (volume), you're bringing a gun to a knife fight. That means the 1.5% fee is used as a recovery. Another fascinating subplot. pic.twitter.com/506EG3PR7t
— Eric Balchunas (@EricBalchunas) January 8, 2024
An ETP is a type of financial instrument traded on a regulated stock exchange that allows investors to interact with underlying price movements without owning the asset.
Related: SEC Reissues Crypto ‘FOMO' Warning Amid Hopes in Bitcoin ETFs Space
The year started off with a bang in the crypto community, with a series of key events planned for 2024. In addition to the imminent approval of the first Bitcoin ETF in the US, the Bitcoin halving is scheduled for April.
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