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Bitcoin ETF Trading Volumes, GBTC Inflows Hit $27 Million

Bitcoin ETF Trading Volumes, GBTC Inflows Hit $27 Million

Once again, there has been a significant increase in activity regarding spot Bitcoin ETFs due to reports of traditional financial players looking to obtain exposure to Bitcoin funds. As a result, trading volumes for the Bitcoin ETF have surged once more, reaching a two-month high.

Increased Volumes in Bitcoin ETFs

The trading volume for Bitcoin Exchange-Traded Funds (ETFs) has increased significantly, reaching levels not seen since March 24, according to statistics provided by Santiment, a Steam On-chain data source.

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According to a Sentiments study, the seven largest Bitcoin ETFs achieved a combined trading volume of $5.65 billion in a single day, suggesting a significant increase in investor interest in Bitcoin investment vehicles. 

The information points to a divergence from earlier patterns in which big investors mainly acquired Bitcoin through on-chain transactions. In addition, the Fidelity Wise Origin Bitcoin Fund’s daily trading volume reached a record high.

📈 #BitcoinETF volume is picking up major steam, with the 7 largest #ETF‘s hitting $5.65B, the highest day since March 24th. Gone are the days of whales only accumulating #onchain. Keep a close eye on whether momentum stays high with our free dashboard: https://t.co/fyI2IS1U79 pic.twitter.com/77ZD0e7gpz

— Santiment (@santimentfeed) May 16, 2024

According to recent SEC filings, Millennium Management, a renowned global hedge fund, has revealed a significant spot Bitcoin ETF portfolio worth $2 billion. As previously said, many conventional players and international hedge funds want to invest in Bitcoin ETFs.

Flows of BTC ETFs

As of May 15, a total net inflow of $303 million was made into Bitcoin spot ETFs. Among the noteworthy contributions, Grayscale’s GBTC had a large single-day net inflow of $27.0466 million. In contrast, BlackRock’s IBIT had no inflows. However, the difference between BlackRock’s Bitcoin holdings and Grayscale’s GBTC has been narrowing daily.

Grayscale is about to lose its top spot as the largest Bitcoin ETF.

The gap between Grayscale and BlackRock is closing, down to 15 000 BTC. pic.twitter.com/POQTFOxfiY

— ecoinometrics (@ecoinometrics) May 15, 2024

Fidelity’s FBTC has been dominating the pack this week, with an inflow of $131 million on Wednesday. Bitwise’s BITB saw an inflow of $86.2578 million simultaneously.

The trading activity of Bitcoin ETFs in Hong Kong has been steadily increasing, much like in the US market. Bitwise Investments outlines three key patterns regarding Bitcoin ETFs in the context of recent events.

As of last Thursday, reputable investment firms revealed that they hold roughly $3.5 billion in Bitcoin exchange-traded funds. This figure is predicted to exceed 700 entities by the filing deadline of May 15, which could push the total assets under management (AUM) beyond $5 billion.

The level of institutional ownership in these Bitcoin ETFs is unparalleled for a recently launched ETF. New ETFs typically receive little attention from 13F filers in the first few months of their release.

Even if they only account for 7–10% of all assets now, professional investors may have made only an early investment, signaling the possibility of more sizable contributions.

Who’s Buying Bitcoin ETFs (According to 13F Filings)

Three takeaways from Bitwise CIO @Matt_Hougan‘s weekly memo to investors.

Takeaway 1: Lots of Professional Firms Own Bitcoin ETFs

563 professional investment firms reported owning $3.5 billion worth of bitcoin ETFs as of… pic.twitter.com/YCOKPpQqgE

— Bitwise (@BitwiseInvest) May 15, 2024

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