Spot Bitcoin ETFs Clock $11M Net Inflows On Wednesday As Grayscale Shifts Focus To Spot Ether ETF

Benzinga05-09

Loading...Loading...Spot Bitcoin ETFs saw modest inflows on May 8, with the $11.5409 million inflow into the Bitwise ETF BITB being the only non-zero balance of the day.What Happened: Notably, ...

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Grayscale focuses on spot products like Ethereum trust, in line with its commitment to direct exposure to cryptocurrencies.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FBTC":"Fidelity Wise Origin Bitcoin Fund","HODL":"VanEck Bitcoin Trust ETF","EZBC":"Franklin Bitcoin ETF","BK4594":"比特币ETF概念","BITO":"ProShares Bitcoin Strategy ETF","BK4585":"ETF&股票定投概念","ARKB":"ARK 21Shares Bitcoin ETF","BRRR":"Valkyrie Bitcoin Fund","BTCO":"Invesco Galaxy Bitcoin ETF","BK4588":"碎股","BITB":"Bitwise Bitcoin ETF","BK4550":"红杉资本持仓","IBIT":"iShares Bitcoin Trust","DEFI":"Hashdex Bitcoin ETF","BTCW":"WisdomTree Bitcoin Fund","FDN":"First Trust Dow Jones Internet I","GBTC":"Grayscale Bitcoin Trust"},"translate_title":"随着灰度将焦点转移到现货乙醚ETF，现货比特币ETF周三净流入1100万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTCW":1,"IBIT":1,"HODL":1,"GBTC":1,"FDN":1,"FBTC":1,"EZBC":1,"DEFI":1,"BTCO":1,"BRRR":1,"BITO":1,"BITB":1,"ARKB":0.85},"content_text":"Loading...Loading...Spot Bitcoin ETFs saw modest inflows on May 8, with the $11.5409 million inflow into the Bitwise ETF BITB being the only non-zero balance of the day.What Happened: Notably, Grayscale’s GBTC GBTC, BlackRock‘s iShares Bitcoin Trust IBIT, the Fidelity Wise Origin Bitcoin Fund FBTC and Ark’s ARKB ARKB reported neither inflows nor outflows on Wednesday.The total net asset value of Bitcoin spot ETFs now stands at $51.504 billion, indicating robust investor interest and confidence in cryptocurrency as a viable asset class, according to data from SoSo Value.In related developments, Grayscale Investments, a leading player in the cryptocurrency investment space, is shifting its focus towards enhancing its spot exchange-traded products, particularly its Ethereum trust. This strategic pivot was confirmed by CEO Michael Sonnenshein during a Financial Times event in London.Sonnenshein emphasized the company's core commitment to spot products, aligning with Grayscale’s foundational strategy. He said, \"At Grayscale we decided to focus our energy on our spot products. That's really core to our DNA.\"Also Read: Are Bitcoin Whales Buying The Dip With Less Enthusiasm?Why It Matters: This announcement comes on the heels of Grayscale withdrawing its application for an Ether futures ETF, a decision influenced by the existing abundance of futures products in the market and the competitive nature of the Ethereum ETF sector.Notably, products such as VanEck's EFUT and ProShares' EETH currently dominate the market, capturing over 90% of the total trading volume at their launches.Loading...Loading...The strategic realignment by Grayscale underscores a broader trend within the crypto investment community, where focus is increasingly shifting towards spot-based offerings rather than futures, possibly due to investor demand for direct exposure to cryptocurrencies rather than derivative products.What’s Next: These developments in the cryptocurrency investment sphere will be among the key topics discussed at the upcoming Benzinga’s Future of Digital Assets event on Nov. 19.The event will explore the implications of recent inflows into Bitcoin ETFs and the strategic shifts by major asset managers like Grayscale. Attendees can expect to gain valuable insights into the dynamics of cryptocurrency investments, the evolving landscape of ETF products, and the future trajectory of digital assets within the broader financial market.Read Next: Major Trading Firm Purchased $1B Worth Of Bitcoin ETFs In Q1Image: ShutterstockLoading...Loading...Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434609457"}