Ah, the grand spectacle of finance! On the 21st day of January, in the year of our Lord 2021, the United States bore witness to a curious phenomenon: the spot Bitcoin exchange-traded funds, those glittering vessels of digital currency, resumed their inflow streak, as if summoned by the very hand of fate following the inauguration of President Donald Trump. And lo! The price of Bitcoin, that capricious beast, held steadfast above the lofty threshold of $105,000. What a time to be alive! 😅
According to the oracle known as SoSoValue, the twelve spot Bitcoin ETFs, those harbingers of wealth, recorded a staggering $802.5 million in net inflows on that fateful day. This marked the continuation of a four-day inflow run, during which a veritable torrent of over $3.2 billion flowed into these funds, as if the very rivers of gold had opened up to the eager hands of investors.
But, dear reader, let us not forget the titans of finance! The majority of this influx came from BlackRock’s IBIT, which, like a glutton at a feast, devoured $661.9 million, leading the charge for the third consecutive day. Grayscale’s mini Bitcoin Trust, a name that sounds like a child’s plaything, followed with a modest yet respectable inflow of $136.39 million. Meanwhile, ARK 21Shares’ ARKB, Fidelity’s FBTC, and Franklin Templeton’s EZBC contributed their meager offerings of $8.51 million, $6.97 million, and $6.18 million, respectively. Truly, a motley crew of financial adventurers! 🏴☠️
Yet, not all was rosy in this land of digital dreams. Bitwise’s BITB, the black sheep of the family, bucked the trend with an outflow of $17.41 million, while the remaining BTC ETFs languished in a state of inertia, recording “0” flows on that day. A tragic tale indeed!
The total trading volume for these twelve Bitcoin ETFs reached a staggering $5.05 billion on that day, while the total net inflows into these investment products since their inception stood at a jaw-dropping $38.98 billion. One might wonder if the world had gone mad, or if we were merely witnessing the grand folly of mankind.
However, despite the impressive inflows of $802.5 million, they paled in comparison to the $1.08 billion seen the day prior. This decline, it seems, was a consequence of President Trump’s failure to issue the much-anticipated executive order to establish a Bitcoin national reserve, a move that would have catapulted cryptocurrencies to the forefront of national policy. Alas, the hopes of many were dashed! 😩
Kadan Stadelmann, the CTO of Komodo Platform, mused that Trump’s early days in office could devolve into a “sell the news” event. He posited that the initial optimism in the crypto markets, which had surged following Trump’s election, might dissipate, as investors had already priced in the anticipated policy changes long before the man took the oath of office. A tragic irony, indeed!
Yet, amidst this chaos, Stadelmann urged the crypto enthusiasts to cling to hope, suggesting that Trump’s focus on pressing national challenges had merely delayed immediate crypto-related actions. Perhaps there is light at the end of this dark tunnel!
“Overall, the Bitcoin and crypto markets should still expect a more crypto-friendly administration under Trump. We see institutions still expecting crypto liberalization as they continue to buy up Bitcoin ETFs ahead of expected policy changes.”
Kadan Stadelmann, CTO of Komodo Platform.
As the clock struck the hour of press time, Bitcoin (BTC) had risen by 3.1%, exchanging hands at the princely sum of $105,708 per coin. What a world we live in, where fortunes are made and lost in the blink of an eye! 🤑
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2025-01-22 09:48