Preliminary data from Farside Investors shows that Fidelity’s Bitcoin spot ETF (FBTC) saw a net inflow of $208 million on Monday, while Grayscale’s GBTC experienced approximately $192 million in net outflows. The outflow situation has slowed for five consecutive days, and yesterday’s outflow total was the second lowest since the fund converted to a spot ETF.
The continued outflows from GBTC may be due to investors taking the opportunity to cash in their previously losing positions, and many cryptocurrency traders are closely watching for signs of the fund’s outflows slowing down.
According to data shared by Bloomberg ETF analyst James Seyffart, the total trading volume for nine new US Bitcoin spot ETFs on Monday reached $9.941 billion, while GBTC’s trading volume was $570 million. BlackRock’s Bitcoin spot ETF (IBIT) and Fidelity’s FBTC had trading volumes second only to GBTC, at $4.609 billion and $3.154 billion respectively, accounting for 78% of the total trading volume of the nine new ETFs.
Last week, digital asset investment products saw net outflows of $5 billion.
In its latest weekly report released on Monday, digital asset management company CoinShares pointed out that from a global perspective, digital asset investment products saw significant outflows last week, totaling nearly $5 billion. By region, the outflows were mainly concentrated in the US, Switzerland, and Germany, with totals of $409 million, $60 million, and $32 million respectively.
Source:
CoinShares
Data shows that as the daily outflow total continued to decrease last week, the outflow of funds from digital asset ETPs has begun to weaken. CoinShares stated:
JPMorgan and Galaxy lower spot ETF fees
In the fiercely competitive Bitcoin spot ETF market, fund issuers have begun to reduce fees to attract investors, not only in the US but also in other countries.
JPMorgan and Galaxy Asset Management are the latest companies to lower the fees of their spot ETF (BTCO) from 0.39% to 0.25%. This reduction will put them on par with BlackRock, Fidelity, Valkyrie, and VanEck’s products.
According to research by digital asset management company CoinShares, fee competition in the US may also be affecting European ETFs, with traders speculated to be shifting from European products to US ones.
Last week, JPMorgan reduced the fees of its Bitcoin ETP launched in Europe from 0.99% to 0.39%, while WisdomTree lowered the fees of its ETP from 0.95% to 0.35%. CoinShares also followed suit on January 25, reducing the fees of its Bitcoin investment products from 0.98% to 0.35%.