According to data provided by SoSoValue, during last week’s trading day (May 27th to May 30th, Eastern Time), the Bitcoin spot ETF market as a whole showed an outflow of funds, with a net outflow of as much as 157 million US dollars in a single week.
Despite the overall net outflow, different Bitcoin spot ETFs performed differently. Last week, the Bitcoin ETF – IBIT launched by Blackrock had the largest net inflow in a single week, with a weekly net inflow of 584 million US dollars. Since its launch, IBIT has demonstrated a strong ability to generate revenue. Currently, its total historical net inflow has reached 48.57 billion US dollars.
As a product of BlackRock, the world’s largest asset management institution, IBIT has accumulated over 50 billion US dollars in assets in just 11 months since its establishment. The speed at which it reached this milestone is nearly five times faster than the previous fastest record, making it one of the most successful products in the history of ETFs. It has a huge influence in the market. In terms of daily trading volume, it accounts for more than 50% of the share of similar products. Based on the current asset size and a rate of 0.25%, the annualized management fee income is expected to reach 112 million US dollars. The average daily trading volume of option products is as high as 1.7 billion US dollars, far exceeding that of other similar products.
Grayscale’s Bitcoin Mini Trust ETF – BTC also achieved a net inflow of funds last week, with a weekly net inflow of 19.81 million US dollars. Its historical total net inflow has now reached 1.40 billion US dollars. Grayscale launched the Grayscale Bitcoin Trust (GBTC) as early as 2013, initially only open to qualified investors. It was not until its listing in 2015 that retail investors could trade it. GBTC is essentially traded in the over-the-counter market and does not require SEC approval (but FINRA approval is needed). However, as a closed-end trust product, its market price may deviate significantly from the net asset value of the underlying assets.
However, ARKB, the ETF of Ark Invest and 21Shares, witnessed a large-scale net outflow of funds. The net outflow amount for a single week last week was 282 million US dollars. Despite this large-scale outflow, in the long term, the total historical net inflow of ARKB still reached 2.44 billion US dollars. Previously, Cathie Wood has been involved in the crypto field for many years and holds GBTC through multiple ARK funds, with positions of approximately 80 million US dollars. These positions may soon all be transferred to ARKB. The Bitcoin ETF is in line with ARK’s disruptive innovation theme. And its rate of 0.21% is relatively low.
Since its launch, the Bitcoin Spot ETF has always been an important connection point between the cryptocurrency market and the traditional financial market, and its capital flow has attracted much attention. The outflow and inflow of some ETF funds this time may reflect investors’ re-evaluation of different products and adjustment of asset allocation under the current market environment. How the capital flow in the subsequent Bitcoin spot ETF market will evolve and what impact it will have on the overall cryptocurrency market are worth continuous attention.
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