According to preliminary data from Farside Investors, Fidelity’s Bitcoin spot ETF (FBTC) saw a net inflow of $208 million on Monday. Meanwhile, Grayscale’s GBTC saw a net outflow of approximately $192 million, with outflows slowing down for the fifth consecutive day. Yesterday’s outflow was also the second lowest since the fund converted to a spot ETF.
The continuous outflow of GBTC funds may be due to investors taking the opportunity to cash in on their previous losses. Many cryptocurrency traders are closely watching for signs of a slowdown in the fund’s outflows.
According to data shared by Bloomberg ETF analyst James Seyffart, the total trading volume for nine new US Bitcoin spot ETFs on Monday reached $994.1 million, while GBTC’s trading volume was $570 million. BlackRock’s Bitcoin spot ETF (IBIT) and Fidelity’s FBTC had the second and third highest trading volumes, respectively, at $460.9 million and $315.4 million, accounting for 78% of the total trading volume for the nine new ETFs.
Last week saw a net outflow of $500 million in digital asset investment products. According to the latest weekly report released by digital asset management company CoinShares, there was a significant outflow of funds from digital asset investment products globally, totaling nearly $500 million. In terms of regions, the outflows were mainly concentrated in the United States, Switzerland, and Germany, with totals of $409 million, $60 million, and $32 million, respectively.
Source:
CoinShares
The data shows that as the daily outflow decreased last week, the outflow of digital asset ETP funds has begun to weaken. CoinShares stated:
“Invesco and Galaxy lower spot ETF fees”
In the competitive market of Bitcoin spot ETFs, fund issuers have reduced fees to attract investors, not only in the United States but also in other countries.
Invesco and Galaxy Asset Management are the latest companies to lower the fees of their spot ETF (BTCO) from 0.39% to 0.25%. This reduction will put them on par with products from BlackRock, Fidelity, Valkyrie, and VanEck.
According to research by digital asset management company CoinShares, the fee competition in the United States may also affect European ETFs, and it is speculated that traders are shifting from European products to the United States.
Last week, Invesco lowered the fees of its Bitcoin ETP launched in Europe from 0.99% to 0.39%, while WisdomTree lowered the fees of its ETP from 0.95% to 0.35%. CoinShares also followed suit on January 25, reducing the fees of its Bitcoin investment products from 0.98% to 0.35%.
Data source
