In the ongoing Bitcoin ETF saga, Tuesday marked a significant event with a notable Grayscale dump. Despite being slightly negative at $70 million, the net new flow is approaching the point where it may surpass GBTC drainage.
The Bad News:
- Net new flow remains slightly negative at $70 million.
The Good News:
- BlackRock, with nearly $2 billion in Assets Under Management (AUM), is set to acquire 50,000 BTC.
- Fidelity is outpacing BlackRock in growth, reflecting a rising interest in Bitcoin among Fidelity customers.
- Excluding Grayscale, approximately $550 million daily is flowing into BTC ETFs.
- These ETFs have accumulated an impressive 140,000 BTC, showcasing robust demand.
- Bitcoin ETFs alone are absorbing 15.5 times the daily supply of newly created Bitcoins.
- Bitcoin experienced a bottom earlier in the week, triggering potential FOMO (Fear of Missing Out) scenarios.
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