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Crypto World

Bitcoin ETFs Bleed $410M as IBIT ETF by BlackRock Suffers the Largest Loss

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Bitcoin ETFs

TLDR

  • Bitcoin ETFs faced a daily outflow of $410.37 million on February 12, with a cumulative net inflow of $54.31 billion.
  • IBIT and FBTC experienced heavy losses, with daily outflows of $157.56M and $104.13M, respectively.
  • Grayscale’s BTC ETF saw a minor outflow of $33.54 million, with a 3.25% decline in value.
  • Mid-tier Bitcoin ETFs like HODL, BTCO, and BRRR also faced losses, reporting outflows and declines.
  • BTCW and DEFI ETFs showed stable performance, with no inflows or outflows recorded.

According to a recent SoSoValue update on Bitcoin ETFs as of February 12, the market experienced a daily outflow of $410.37 million. Cumulative net inflow now reads at $54.31 billion with total value traded at $3.56 billion. Total net assets for Bitcoin remain solid at $82.86 billion, representing 6.34% of Bitcoin’s market cap.

Bitcoin ETFs Face Outflows as IBIT and FBTC Take Heavy Losses

Tracking the market performance of individual ETFs, the IBIT ETF, listed on NASDAQ and sponsored by BlackRock, saw a daily outflow of $157.56 million. The FBTC ETF, listed on the CBOE and sponsored by Fidelity, experienced an outflow of $104.13 million. Its daily change was a decrease of 3.25%, with a trading price of $56.91. GBTC ETF, listed on the NYSE and sponsored by Grayscale, saw a small outflow of $59.12 million.

Bitcoin ETFs
Source: Bitcoin ETFs (SoSoValue)

Grayscale’s BTC ETF, listed on the NYSE, reported a minor outflow of $33.54 million. It saw a 3.25% decline in value. BITB ETF, listed on the NYSE and sponsored by Bitwise, reported a daily outflow of $7.83 million. Its cumulative net inflow is -$119.52 million. It experienced a daily decrease of 3.24%.

ARKB ETF, listed on the CBOE and sponsored by Ark & 21Shares, faced an outflow of $31.55 million. ARKB has assets totaling $1.45 billion, with a market share of 0.18%. The ETF saw a daily drop of 3.30%.

Other Mid-Tier ETFs Record Outflow While  BTCW and DEFI Maintain Stability

The HODL ETF, listed on the CBOE and sponsored by VanEck, saw an outflow of $3.24 million. It recorded a daily decrease of 3.20%, trading at $21.68. The BTCO ETF, listed on the CBOE and sponsored by Invesco, experienced a smaller outflow of $6.84 million. BTCO traded at $65.05, down 3.29% on the day.

The BRRR ETF, listed on NASDAQ and sponsored by Valkyrie, reported an outflow of $2.77 million. Its total net assets stand at $316.06 million. The ETF has a market share of just 0.03% and has declined 3.20%, trading at $18.44.

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The BTCW ETF experienced stable performance, with no daily inflows or outflows, as indicated by both 1-day net inflows and cumulative net inflows. It recorded a 3.24% drop in daily value, trading at $69.19. Just like the BTCW ETF, the DEFI ETF remained stable, with no daily inflows or outflows and a cumulative net inflow.

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Crypto World

CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

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CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

Michael Selig, US President Donald Trump’s nominee leading the Commodity Futures Trading Commission (CFTC), said the agency was prepared to oversee the entire $3 trillion crypto industry, with no timeline for Congress to pass a crucial market structure bill.

In a Wednesday statement about his first 100 days as CFTC chair, Selig said that the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it was the sole regulator to oversee prediction markets.

His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill that has been effectively stalled in committee amid discussions over stablecoin yield and other issues.

“The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” said Selig.

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Under Selig, who was confirmed by the Senate in December, the CFTC has adopted many policies signaling that the agency would soften its enforcement and regulation of digital assets compared to previous administrations. In March, the agency announced a memorandum of understanding with the Securities and Exchange Commission (SEC) as part of efforts to coordinate on regulation, including digital assets.

Related: Crypto exchange KuCoin agrees to $500K settlement, ending CFTC case

Although early drafts of the market structure bill suggested the legislation could give the CFTC additional authority to oversee digital assets, the SEC is expected to continue regulating cryptocurrencies it considers to be securities.

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Lawmakers pressing CFTC on insider trading claims over prediction markets

US state authorities and federal lawmakers have been targeting prediction market platforms like Kalshi and Polymarket over alleged violations of gaming laws and claims of politicians using insider information to profit.

While many of the state-level actions continue to be litigated in court, Selig has claimed that the CFTC has “exclusive jurisdiction” over prediction markets and threatened legal action against any challenges to its authority.

In a Tuesday event, CFTC enforcement director David Miller said that the agency’s position was that event contracts on prediction markets were not “gaming” but rather “swaps” that fall under its purview.

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Some lawmakers have also proposed legislation to ban elected officials with insider information from profiting from event contracts after suspicious trades on military actions involving Iran and Venezuela.

Magazine: A newbie’s guide to surviving crypto winter