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January 22, 2024

Bitcoin ETFs: Record Flows, Grayscale Exodus, and Market Ripples

Bitcoin spot ETFs hit peak on the fourth day of trading, soaking up an astounding $913.6 million on a single Wednesday

The cryptocurrency market is buzzing with excitement as newly minted Bitcoin spot ETFs experience a surge in daily flows, hitting a crescendo on their fourth day of trading. On Wednesday alone, a staggering $913.6 million flooded into these funds, propelling the total assets under management for all recently launched ETFs to a formidable $2.9 billion. This financial rollercoaster is not without its twists, especially for the once-mighty Grayscale Bitcoin Trust (GBTC), facing the winds of change and shifting investor preferences.

According to insights from Bloomberg ETF analyst Eric Balchunas, these eye-popping figures exclude the behemoth GBTC, which, having converted into an ETF on January 11, boasts a substantial pre-conversion stash of over 600,000 BTC. However, since its transformation, GBTC has been witnessing a steady outflow of funds, as investors seize the opportunity to cash in on long-held Bitcoin or explore the plethora of newer, more cost-effective options offered by industry heavyweights like BlackRock and Fidelity.

Wednesday marked another notable chapter for Grayscale, with $450.6 million flowing out, bringing its net outflows post-ETF conversion to a significant $1.6 billion. These movements echo a broader trend, with total net flows to all ETFs reaching $1.2 billion. The initial day of launch, inclusive of GBTC's substantial contribution, remains unmatched, signaling a promising era for Bitcoin ETF inflows.

The competitive landscape is not without casualties, as rival Bitcoin investment products face challenges in the wake of the ETF launch. The ProShares Bitcoin Strategy ETF (BITO), launched in October 2021, has seen its assets under management dip from $2.28 billion to $1.86 billion. Meanwhile, industry giants like MicroStrategy and Bitcoin mining firms, including CleanSpark, have weathered corrections of 25% and 30%, respectively, amidst a broader 11% dip in Bitcoin's value, now trading at $41,250.

As the crypto market navigates these turbulent waters, the newly launched Bitcoin ETFs, exemplified by the iShares Bitcoin Trust (IBIT), are yet to bask in a day of positive gains. The evolving dynamics, marked by record flows, Grayscale's metamorphosis, and market corrections, underscore a transformative moment in the cryptocurrency landscape. Investors are witnessing a seismic shift, as high-cost options face vulnerability, paving the way for a new era of innovation and cost-effectiveness in the world of digital assets. The only certainty in this evolving narrative is that the ripples from this financial evolution will be felt far and wide.


Born as a meme coin last October, Dancing Baby ($BABY) has burst into life with an astonishing surge of over 4,400% on Monday, earning its spot among today's top crypto gainers on Uniswap. While its market cap hovers around $900,000, with $130,000 locked in liquidity, caution is advised despite its relative longevity in the market.


Another playful contender in the crypto arena, Monkeys ($MONKEYS), a meme coin, has orchestrated an impressive 850% pump on this fine Tuesday, securing its position among the most significant crypto gainers on Uniswap. With a market cap around $2.25 million and over 3,000 holders, it's one to watch, albeit with some concerns flagged in its smart contract by DEXTools' security audit.


In unconventional tokens, Smiley ($SMILEY) has worn its grin proudly, boasting an 800% surge within 24 hours on Uniswap. With a market cap of around $14 million, $2.5 million in partially locked liquidity, and nearly 4,500 holders, $SMILEY has been around since last August, with a clean slate devoid of smart contract alerts.

While Bitcoin promises substantial upside potential, savvy crypto investors are always on the lookout for diversified holdings. For those seeking a higher-risk, higher-reward strategy, venturing into crypto presales could be the key. By supporting upstart crypto projects in their early stages, investors often witness substantial gains.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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