Grayscale’s GBTC saw $40 million in outflows, the most among its counterparts, while Bitwise’s BITB led inflows at $7.6 million.

A record 19-day streak of net inflows in U.S.-listed spot bitcoin exchange-traded funds (ETFs) ended Monday as the products saw a combined $65 million in net outflows, preliminary data shows.

Grayscale’s GBTC led outflows at $40 million, leading outflows among its counterparts. GBTC continues its infamous run of being the worst-performing ETF by outflows since going live in January, racking up a cumulative $18 billion in outflows.

Invesco and Galaxy Digital’s BITCO saw net outflows of $20 million. Valkyrie’s BRRR ETF racked net outflows of $16 million. Fidelity’s FBTC saw $3 million in net outflows in its first negative flow since early May, The Block reported.

The ETFs last reported a net outflow of $84 million on May 10 after a dismal month in April that saw weeks of outflows. Inflows since picked up and saw the products add more than $4 billion in 19 days of trading.

Such outflows came amid a market-wide slide in the cryptocurrency market and losses in broader stock markets. Traders on Monday warned of a volatile week ahead of a week as investors await a U.S. CPI reading on Wednesday and U.S. treasury secretary Janet Yellen’s speech scheduled on Friday – which can cause a reaction in riskier assets such as cryptocurrencies.

The Fed’s monetary policy is also to be decided at a two-day Federal Open Market Committee (FOMC) meeting starting Thursday, which may further add to market uncertainty based on comments.

Bitcoin has been down 2.7% in the past 24 hours, reversing gains from last week when it briefly traded over a two-month high of $70,000.

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Source: Vietnam Insider

Hong Kong’s regulators have sped up the approval process, according to a Reuters report.

Hong Kong regulators are likely to approve the first set of applications for spot bitcoin exchange-traded funds (ETF) next week, making it possible that the products could be ready to start trading in April, Reuters reported, citing two people familiar with the matter.

Australia and Hong Kong are the two jurisdictions that could become the first in Asia to offer spot bitcoin ETFs, with Singapore and the UAE not reflecting immediacy just yet.

Hong Kong’s regulators have sped up the approval process, Reuters said, citing one of the people.

Harvest Global Investments, a major asset-management company in China, and asset manager VSFG, together with its partner, Value Partners, have applied to the Securities and Futures Commission (SFC) for a spot ETF, CoinDesk has reported.

The Reuters report said four entities have submitted applications to launch the spot bitcoin ETFs. It named three of them as the Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management.

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Source: Vietnam Insider

One analyst said quarter-end inflows could be stronger than usual.

The Nasdaq-listed spot bitcoin (BTC) exchange-traded funds (ETFs) registered inflows totaling $15.4 million on Monday, ending a five-day run of outflows, according to provisional data published by investment firm Farside.

Fidelity’s FBTC led the inflows, collecting $261.8 million, followed by BlackRock’s IBIT, which amassed $35.5 million. Other funds like BITB, BTCO, EZBC, and BRRR received between $11 million and $20 million each. Meanwhile, Grayscale’s ETF (GBTC) continued to bleed money, losing just over $350 million.

Last week, the ETFs saw a cumulative outflow of $887.6 million, thanks to large withdrawals from GBTC.

Nearly a dozen spot ETFs debuted in the U.S. on Jan. 11, allowing investors to take exposure to the leading cryptocurrency while bypassing the hassles of owning and storing the digital asset. These ETFs invest directly in bitcoin and eliminate the need to rollover positions, a key feature of futures-based ETFs that went live in October 2021.

Since the spot ETFs began trading, bitcoin has risen over 50% to $70,750. On Monday, prices rose just over 4%, briefly topping the $71,000 mark.

Markus Thielen, founder of 10x Research, said quarter-end flows could be stronger than usual, lifting the cryptocurrency’s price to new highs.

“Bitcoin ETF flows turned around magically on Monday as Fidelity suddenly found $262m of buyers, compared to $18m, $3m, and $13m during the previous three sessions. Flows on Tuesday (30%) tend to cannibalize flows from Thursday (16%) and Friday (12%), while Monday and Wednesday (each 21%) see their fair ‘20%’ share per weekday,” Thielen said Tuesday’s edition of the newsletter.

“With bitcoin above $70,000, we can imagine that flows on Tuesday could also be positive again. With the quarter end, flows might be stronger than usual,” Thielen added.

Thielen stressed that spot ETF inflows and issuance of dollar-pegged stablecoin tether (USDT) need to pick up for bitcoin to chart another aggressive move higher, or else the burden of the rally would fall on futures traders’ shoulders. Tether, the world’s largest dollar-pegged stablecoin, is widely used as a funding currency in the crypto spot and derivatives markets.

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Source: Vietnam Insider