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Bitcoin ETFs Are In A Generally Downtrend For The First Time - Koin Newsletter
U.S.-traded spot Bitcoin ETFs saw a net loss of money for the first time overall this week.
Since the spot Bitcoin ETFs began trading on Jan. 11, there has been a large outflow from the Grayscale Bitcoin Trust (GBTC), but this has been offset by money flowing into funds operated by BlackRock and Fidelity.
According to data from Bloomberg Intelligence, 10 spot Bitcoin ETFs, including GBTC, saw a net outflow of $158 million this week.
The total amount of Bitcoin held between the funds fell from more than 660,000 last week to less than 650K as of Jan. 24.
Among the spot Bitcoin ETFs, the only fund to lose money was the Grayscale Bitcoin Trust. The total amount of Bitcoin in the fund decreased from 592K to 523K**.
BlackRock and Fidelity funds each hold more than 40,000 Bitcoins. The value of assets under management in both of them has exceeded 2 billion dollars. However, the amount of money flowing into these funds decreased compared to last week.