In a notable shift in the cryptocurrency market, **U.S.-based Bitcoin spot ETFs** welcomed a collective **$31 million** in net inflows, reversing a week-long trend of net outflows. This influx of capital was highlighted by **Fidelity’s FBTC**, which led with **$49 million**, and **Bitwise’s BITB**, which added **$15 million**. **VanEck’s HODL** also contributed with **$4 million** in inflows.
Conversely, **Grayscale’s GBTC** experienced a decline, with net outflows reaching **$30.3 million**. Similarly, **Ark Invest and 21Shares’ ARKB** saw **$6 million** leave their coffers. Despite these outflows, **BlackRock’s IBIT** maintained a steady position with no new flows, yet it boasted a significant daily trade volume of **$1.1 billion**.
Since their introduction at the start of the year, the 11 Bitcoin spot ETFs have collectively garnered over **$14.42 billion** in net inflows, signaling sustained investor interest. In the regulatory landscape, U.S. entities are poised to introduce spot ether ETFs, buoyed by a tentative nod from the **Securities and Exchange Commission (SEC)**. With amended S-1 registration statements filed just last week, industry specialists, including **Bitwise’s Matt Hougan**, predict the imminent launch of these Ethereum-based funds, projecting an impressive **$15 billion** in net inflows within their first 18 months in the U.S. market.
In international developments, the German government commenced the liquidation of its seized Bitcoin holdings, valued at roughly **$3 billion**. These assets, confiscated from the illicit site Movie2k.to, have already seen sales of about **$325 million**. The government’s recent transfer of **200 BTC** to Coinbase and a similar amount to Kraken has caught the market’s attention. Moreover, the upcoming distribution of Bitcoin to the creditors of the defunct exchange Mt. Gox could introduce up to **140,000 BTC** into circulation, potentially worth nearly **$9 billion**.
While some market observers express concern over the potential selling pressure this could create, others believe the effect may be less significant than anticipated. Creditors have had ample opportunity to liquidate their claims in the intervening years, potentially cushioning any adverse price movements.
Overall, the digital asset investment sector faced a second week of net outflows, totaling **$584 million**. This sentiment is partly attributed to investor skepticism regarding future Federal Reserve interest rate cuts. Additionally, the past week marked the lowest global trading volumes for ETPs since the U.S. ETFs’ debut, with just **$6.9 billion** in transactions.
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