• 17/07/2024 16:27

The hype around the launch of a Bitcoin ETF is dying down

The excitement around the launch of spot bitcoin ETFs is subsiding, and the pace of sales is decreasing. The last days of the week on the market even recorded an outflow of funds. Bloomberg writes about this.

The excitement around the launch of Bitcoin -ETF subsides

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Interest is falling

Inflow of investor funds into spot exchange-traded investment funds (ETF) on Bitcoin on January 24 was the lowest ever since the launch of the funds on January 11. Interest in the long-awaited Bitcoin ETF is falling after record sales in the first few days.

Recall that on the first trading day of the spot Bitcoin ETF, shares worth $4.6 billion were sold.

By According to JPMorgan Chase, the total net outflow of ten Bitcoin ETFs on January 24 was about $153 million. This is the third day of net outflow in a row.

However, Bloomberg Intelligence analysts believe that despite the slowdown in demand, the launch of spot Bitcoin -ETF became the most successful in history among similar funds both in terms of trading volume and inflows.

Background

The SEC allowed the launch of a Bitcoin ETF on January 10. The permission to create exchange-traded funds that allow investors to directly trade Bitcoin-backed stocks was a landmark development for the digital asset sector. Before this, the Commission did not give approval for 10 years.

On the topic: Spot Bitcoin-ETF: will it be possible to make money on them in 2024

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