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According to data provided by SoSoValue, spot Bitcoin exchange-traded funds (ETFs) finished the trading day on February 22 on a positive note. The data shows a net inflow of $251 million for the day.
Outflows from Grayscale’s Spot ETF GBTC Continue
Data from SoSoValue reveals that outflows from Grayscale’s spot ETF, which was converted from GBTC, are persisting. Recent figures indicate a net outflow of $55.67 million from GBTC on February 22.
On the other hand, Fidelity’s spot Bitcoin ETF FBTC saw a net inflow of $158 million on February 22, bringing the total net inflow to the ETF to $4.05 billion. The world’s largest asset management firm, BlackRock’s spot Bitcoin ETF IBIT, also experienced a net inflow of $125 million on the same day, raising the total net inflow to IBIT to $5.74 billion.
The data indicates a high level of interest in spot Bitcoin ETFs, while shedding light on the role of ETFs 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 performance since opening on January 11 to high fund management fees and pre-conversion investors taking profits.
Current Bitcoin Situation
Despite 19 consecutive positive trading days for spot Bitcoin ETFs, the largest cryptocurrency continues to move within a narrow range. As is known, since February 15, Bitcoin has been trading within a range with a low of $50,600 and a high of $53,000.
According to data from CoinMarketCap, BTC is trading at $51,218, down 0.59% in the last 24 hours. The data shows that the largest cryptocurrency’s price has fallen by 2.03% over the last 7 days but has risen by a substantial 32.50% over the last 30 days.
