{"id":391247,"date":"2024-05-11T10:30:06","date_gmt":"2024-05-11T05:00:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391247"},"modified":"2024-05-10T17:44:52","modified_gmt":"2024-05-10T12:14:52","slug":"bitcoin-spot-etfs-not-the-catalyst-most-thought-it-would-be-in-2024","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-spot-etfs-not-the-catalyst-most-thought-it-would-be-in-2024\/","title":{"rendered":"Bitcoin spot ETFs &#8211; Not the catalyst most thought it would be in 2024?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Grayscale\u2019s Bitcoin ETF recorded a negative outflow of over $43M, triggering outflows for the other products<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">However, Bitcoin\u2019s market wasn&#8217;t particularly affected by it<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h4><b>Change in investor sentiment?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/www.coinglass.com\/bitcoin-etf\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\"> revealed an unsettling trend for Grayscale\u2019s GBTC, which continued to bleed with $43.4 million fleeing the fund. Despite this exodus, GBTC had a brief moment of respite last Friday, with a surprising $60 million pouring in, hinting at its still potent market presence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, optimism seemed to sparkle for BlackRock\u2019s IBIT Bitcoin ETF, which welcomed an impressive $14.2 million. This rebound paints a picture of growing investor trust in this particular Bitcoin ETF. Fidelity\u2019s Wise Bitcoin ETF wasn\u2019t left behind either, enjoying a $2.7 million boost.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitwise\u2019s BITB ETF also caught the investor\u2019s eye, pulling in $6.8 million and standing out as Thursday\u2019s favorite with $11.5 million in inflows, while its peers lagged behind. Meanwhile, Ark 21shares (ARKB) ETF caught a $4.4 million wave of support on the same day. WisdomTree\u2019s BTCO and Franklin Templeton\u2019s EZBC Bitcoin ETFs saw more modest gains, with inflows of $2.2 million and $1.8 million, respectively.<\/span><\/p>\n<figure id=\"attachment_391249\" aria-describedby=\"caption-attachment-391249\" style=\"width: 1232px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1.png\"><img decoding=\"async\" class=\"wp-image-391249 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1.png\" alt=\"\" width=\"1232\" height=\"551\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1.png 1232w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1-300x134.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1-1024x458.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1-768x343.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETFs1-1200x537.png 1200w\" sizes=\"(max-width: 1232px) 100vw, 1232px\" \/><\/a><figcaption id=\"caption-attachment-391249\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">It was a quieter day for ETFs from Hashdex, VanEck, Valkyrie, and Invesco Galaxy, which recorded no new flows, highlighting a possible disinterest in these Bitcoin ETF products among institutional investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since their inception, these funds have collectively seen an influx of $12.1 billion, with giants like BlackRock\u2019s iShares and Fidelity\u2019s investments capturing the lion\u2019s share. Despite similar performance across the board, with returns hovering around 28%, investor reactions have varied significantly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The big loser? Grayscale. The fund has witnessed a staggering $17.2 billion withdrawal since its conversion. Even after slashing its fees, Grayscale&#8217;s charges remain significantly higher than its competitors, who mostly hover around a 0.20%-0.25% expense ratio. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Coinglass <\/span><a href=\"https:\/\/x.com\/coinglass_com\/status\/1788062580822728800\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> that Grayscale still holds nearly 293 BTCs, which are worth $18.4 million.<\/span><\/p>\n<figure id=\"attachment_391250\" aria-describedby=\"caption-attachment-391250\" style=\"width: 1372px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale.png\"><img decoding=\"async\" class=\"wp-image-391250 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale.png\" alt=\"\" width=\"1372\" height=\"491\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale.png 1372w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale-300x107.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale-1024x366.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale-768x275.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Grayscale-1200x429.png 1200w\" sizes=\"(max-width: 1372px) 100vw, 1372px\" \/><\/a><figcaption id=\"caption-attachment-391250\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The outflows in crypto ETF products isn\u2019t isolated to just the United States alone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, data <\/span><a href=\"https:\/\/twitter.com\/coinglass_com\/status\/1788785401798492419\"><span style=\"font-weight: 400;\">showed<\/span><\/a><span style=\"font-weight: 400;\"> that Hong Kong\u2019s 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.<\/span><\/p>\n<figure id=\"attachment_391251\" aria-describedby=\"caption-attachment-391251\" style=\"width: 1403px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1.png\"><img decoding=\"async\" class=\"wp-image-391251 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1.png\" alt=\"\" width=\"1403\" height=\"609\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1.png 1403w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1-300x130.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1-1024x444.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1-768x333.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Coinglass1-1200x521.png 1200w\" sizes=\"(max-width: 1403px) 100vw, 1403px\" \/><\/a><figcaption id=\"caption-attachment-391251\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h4><b>What about BTC?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Amid this, Bitcoin has managed to hold its ground. At press time, the king of cryptos was still managing to hover above $63,000, with a hike of 4% in the last 24 hours. Also, the community is currently 78% bullish on BTC, according to data from <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\">CoinGecko<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bitcoin halving didn\u2019t yield the results many of us were hoping for and since then, all the top ten cryptocurrencies have been seeing mostly bullish <\/span><a href=\"https:\/\/app.santiment.net\/charts?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22ticker%22%3A%22BTC%22%2C%22from%22%3A%222023-11-09T07%3A59%3A59.603Z%22%2C%22to%22%3A%222024-05-09T06%3A59%3A59.603Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22sentiment_volume_consumed_total%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bethereum%3BETH%5D%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bbinance-coin%3BBNB%5D%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bripple%3BXRP%5D%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bcardano%3BADA%5D%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bsolana%3BSOL%5D%22%2C%22%5B1%3Bsentiment_volume_consumed_total%3Bdogecoin%3BDOGE%5D%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%2C1%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%238b8b8b%22%2C%22%23FF5B5B%22%2C%22%23FFCB47%22%2C%22%235275FF%22%2C%22%23FF8450%22%2C%22%23F47BF7%22%2C%22%23785549%22%2C%22%23D4E763%22%5D%2C%22ws%22%3A%7B%220%22%3A%7B%22interval%22%3A%2212h%22%2C%22node%22%3A%22candle%22%7D%2C%221%22%3A%7B%22axisMax%22%3A%222.5%22%2C%22axisMin%22%3A%22-1.5%22%2C%22interval%22%3A%227d%22%7D%2C%222%22%3A%7B%22axisMax%22%3A%222.5%22%2C%22axisMin%22%3A%22-1.5%22%2C%22interval%22%3A%227d%22%7D%2C%223%22%3A%7B%22axisMax%22%3A%222.5%22%2C%22axisMin%22%3A%22-1.5%22%2C%22interval%22%3A%227d%22%7D%2C%224%22%3A%7B%22axisMax%22%3A%222.5%22%2C%22axisMin%22%3A%22-1.5%22%2C%22interval%22%3A%227d%22%7D%2C%225%22%3A%7B%22axisMax%22%3A%222.5%22%2C%22axisMin%22%3A%22-1.5%22%2C%22interval%22%3A%227d%22%7D%2C%226%22%3A%7B%22interval%22%3A%227d%22%7D%2C%227%22%3A%7B%22interval%22%3A%227d%22%7D%7D%2C%22wcsa%22%3A1%7D%5D\"><span style=\"font-weight: 400;\">sentiments<\/span><\/a><span style=\"font-weight: 400;\"> by investors and sometimes, even traders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with doubts peaking, the ongoing exit of smaller investors might ironically clear the stage for Bitcoin and its fellow cryptos to stage a comeback as summer approaches, hinting at a potential reset in the volatile cycles of the crypto-market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More outflows for Bitcoin ETFs. Here&#8217;s what that means for you and BTC&#8217;s price&#8230;<\/p>\n","protected":false},"author":90,"featured_media":391252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-391247","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin spot ETFs - Not the catalyst most thought it would be in 2024? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"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...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-spot-etfs-not-the-catalyst-most-thought-it-would-be-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin spot ETFs - Not the catalyst most thought it would be in 2024? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"More outflows for Bitcoin ETFs. 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