Bitcoin Spot ETF Massive Outflows Offset Inflows

According to an article in the Financial Times, CoinShares data shows that Bitcoin spot ETFs, including BlackRock, Franklin Templeton, and Invesco, saw net inflows of $871 million in the first three days of trading, but these inflows were offset by Grayscale's $1.18 billion outflow of funds. Analysts believe that most of the outflow of funds may be due to investors shifting to one of the new ETFs, as they charge lower fees than Grayscale. However, since the approval of Bitcoin ETFs, Bitcoin has fallen by about 6%. Ilan Solot, co-head of digital assets at Marex Solutions, said that the approval of Bitcoin ETFs was by no means a massive success. The latest price trend of Bitcoin shows that so far, Bitcoin ETFs have not left a deep impression on the market for the highly anticipated product.