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Bitcoin ETFs surge with $247m inflow as #BTC nears $44k again
Spot Bitcoin ETFs witnessed a net inflow of $247 million for the first time a week.
This divergence in fund flows was particularly evident among the other nine ETFs, excluding Grayscale, which collectively saw a net inflow of $467 million. Data from SoSo Value shows that BlackRockâs ETF IBIT recorded a single-day net inflow of $299 million, constituting 64% of the total net inflows this week.
However, Grayscaleâs Bitcoin Trust (GBTC) reported a substantial net outflow of $220 million in a contrasting development. Grayscale transferred 2,682 BTC, valued at approximately $114 million, to the address of Coinbase Prime Deposit. Additionally, the firm moved 5,281 #BTC to a new address, speculated to be Grayscaleâs updated custody address. The transactions could indicate a significant restructuring in Grayscaleâs asset management strategy.
This resurgence contributed to a spike in Bitcoinâs price, reaching its highest point in the past three weeks. Despite the net outflows from GBTC, the ETF issuers augmented their holdings by more than 4,200 Bitcoin, worth roughly $183 million. This shift in dynamics comes after a week of negative daily flows, which saw nearly 20,000 Bitcoins exiting the funds between Jan. 23 and Jan. 26.