On January 16th, U.S.-based Bitcoin exchange-traded funds resumed their inflow trend, as the price of Bitcoin surpassed $100K and maintained its position, in anticipation of President-elect Donald Trump’s inauguration ceremony.
Based on information from SoSoValue, Bitcoin ETFs occupying the 12th spot reported an influx of approximately $626.15 million on Thursday. This marks the second consecutive day of such inflows, as more than $1.3 billion has flowed into these funds over this timeframe.
Yesterday saw the majority of investments flowing into BlackRock’s IBIT, with a total of $527.87 million being invested, marking a period of generally low inflows for the fund. Currently, BlackRock’s Bitcoin ETF holds around 2.64% of all existing Bitcoins, amounting to approximately $56.22 billion in value.
According to recent data, ARK and 21Shares’ ARKB witnessed a significant influx of approximately $155.44 million. On the other hand, more modest investments were made into VanEck’s HODL, Fidelity’s FBTC, and Bitwise’s BITB funds, with each receiving around $5.68 million, $4.39 million, and $2.74 million respectively.
As a researcher, I noted an unusual occurrence in the Bitcoin Exchange-Traded Fund (ETF) market yesterday. While all other Bitcoin ETFs remained stationary, Grayscale’s GBTC was the sole exception, experiencing an outflow of approximately $69.97 million. This outflow partially balanced the inflows observed in other Bitcoin ETFs on the same day. The remaining six Bitcoin ETFs did not show any movement throughout the trading day.
On January 16, the cumulative trading volume of the 12 Bitcoin ETFs amounted to $2.74 billion, which is substantially less compared to the $3.18 billion traded the day before.
During this time, Bitcoin reached over $102,000, marking its presence above $100,000 on January 17th. This increase took place as the overall market showed signs of a bull run driven by speculation that the new U.S. administration would dismiss crypto-related cases without fraud charges and would implement more supportive regulations for digital assets following President-elect Donald Trump’s inauguration.
Additionally, this leader who claims to be supportive of cryptocurrencies has also unveiled intentions to elevate digital currencies as a national focus and is contemplating establishing a government reserve of Bitcoin. This reserve would resemble the existing U.S. reserves of gold and oil, with the aim of enhancing the financial infrastructure within the United States.
At press time, Bitcoin (BTC) was still up 2%, exchanging hands at $101,408 per coin.
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2025-01-17 09:39