From Investing.com: 2024-05-06 11:36:30

Since the batch of spot exchange-traded funds (ETFs) began trading in the U.S. in January, the price of Bitcoin has more than doubled due to intense demand. However, investors offloaded crypto ETFs at the fastest pace last week, halting ETF inflows and the BTC rally. BlackRock’s IBIT fund saw its first daily outflow of $37 million.

Despite the slowdown, strong inflows were observed last Friday across various ETFs, including Grayscale’s GBTC. Competition among ETFs is intensifying globally, with three mainland Chinese asset managers launching Bitcoin and Ethereum spot ETFs in Hong Kong. The ETFs saw a combined volume of $12.7 million on their first trading day, highlighting the smaller scale of the Hong Kong ETF market.

ChinaAMC’s Bitcoin ETF had the strongest volume despite a higher fee of 99 basis points. ETH ETFs attracted 23% of the total first-day volume, while BTC accounted for 77%. In the Asia-Pacific region, a Hong Kong-based asset manager emerged as the largest holder of BlackRock’s IBIT fund. Institutional interest in tokenizing real-world assets is growing, with BlackRock’s BUIDL fund crossing the $300 million mark last week.

Read more at Investing.com: Is the Bitcoin ETF rally over? By Investing.com