It has been a slow month for U.S. spot Bitcoin ETFs, once lauded as the big catalyst for a 2024 bull run that might see Bitcoin climbing to as high as $100,000. In fact, just yesterday, the products saw about $11.3 million in outflows, triggered by Grayscale.revealed an unsettling trend for Grayscale’s GBTC, which continued to bleed with $43.4 million fleeing the fund.
Bitwise’s BITB ETF also caught the investor’s eye, pulling in $6.8 million and standing out as Thursday’s favorite with $11.5 million in inflows, while its peers lagged behind. Meanwhile, Ark 21shares ETF caught a $4.4 million wave of support on the same day. WisdomTree’s BTCO and Franklin Templeton’s EZBC Bitcoin ETFs saw more modest gains, with inflows of $2.2 million and $1.8 million, respectively.
The big loser? Grayscale. The fund has witnessed a staggering $17.2 billion withdrawal since its conversion. Even after slashing its fees, Grayscale’s charges remain significantly higher than its competitors, who mostly hover around a 0.20%-0.25% expense ratio.that Hong Kong’s spot Bitcoin ETFs have seen outflows of over $5.5 million in the past 24 hours, indicating a general loss of interest in the products.Amid this, Bitcoin has managed to hold its ground.
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