Bitcoin ETFs See Massive Inflows But Prices Slide as Grayscale Unlocks Shares
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BlackRock and Fidelity's new Bitcoin spot ETFs landed in the top 10 ETFs by net asset flows for January, despite only trading for half the month.
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BlackRock's IBIT brought in $2.7 billion and Fidelity's FBTC $2.3 billion in net deposits in just 14 days of trading.
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This puts them among the top-performing ETFs including BlackRock's huge S&P 500 ETF and other stalwart funds.
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However, Bitcoin's price slid after early ETF hype, undoing gains when Grayscale unlocked shares causing selling pressure.
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Grayscale's GBTC saw the 2nd largest ETF outflow in January at $5.7 billion after converting to a Bitcoin spot ETF.