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According to data provided by SoSoValue, spot Bitcoin exchange-traded funds (ETFs) finished the trading day on February 22nd on a positive note. The data indicates a net inflow of $251 million for the day.
Outflows Continue from Grayscale’s Spot ETF GBTC
Data from SoSoValue reveals ongoing outflows from Grayscale’s spot ETF, which was converted from GBTC. The latest figures show a net outflow of $55.67 million from GBTC on February 22nd.
On the other hand, Fidelity’s spot Bitcoin ETF FBTC experienced a net inflow of $158 million on February 22nd, bringing the total net inflow to the ETF to $4.05 billion. The world’s largest asset management company, BlackRock’s spot Bitcoin ETF IBIT, also saw a net inflow of $125 million on the same day, raising the total net inflow to IBIT to $5.74 billion.
The data highlights the high interest in spot Bitcoin ETFs and sheds light on their role in shaping the trajectory of the cryptocurrency market. Despite downward movements in Bitcoin’s price, ETFs continue to attract investors looking to directly invest in the largest cryptocurrency.
Market observers and experts attribute the ongoing outflows from GBTC and its negative closure every trading day since January 11th to high fund management fees and the tendency of early investors to take profits.
Current Bitcoin Situation
Despite spot Bitcoin ETFs closing positively for 19 consecutive trading days, the largest cryptocurrency continues to move within a narrow range. As known, Bitcoin has been trading between a low of $50,600 and a high of $53,000 since February 15th.
According to CoinMarketCap’s data, BTC is trading at $51,218, down 0.59% in the last 24 hours. The data shows that the price of the largest cryptocurrency has fallen by 2.03% in the last 7 days, but has risen by a significant 32.50% in the last 30 days.
