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- State of the Market: Bitcoin ETFs Flatter to Deceive
State of the Market: Bitcoin ETFs Flatter to Deceive
Despite the price slump this past week, ETFs have been a major success.
Crypto Ramesses
January 19, 2024
GM, Anon!
The ETFs were expected to be a major market booster, but the price has flattered to deceive, more or less. Despite the price slump this past week, ETFs have been a major success. Bitcoin has now claimed the position of the second-largest commodity ETF in the United States, surpassing silver. Dive in for more details. 👇
Before We Begin
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State Of The Market: ETF Euphoria Dissipates
Digital asset investment products received significant inflows of $1.18B last week, although this did not break the previous record set by futures-based Bitcoin ETFs in October 2021, which totaled $1.5B. Trading volumes for digital asset investment products reached a record high of $17.5B last week, a substantial increase compared to the 2022 weekly average of $2B. These volumes accounted for nearly 90% of daily trading volumes on trusted exchanges, indicating heightened activity.
ETF Updates and Market Slump
Bitcoin has now claimed the position of the second-largest commodity ETF in the United States, surpassing silver. Spot Bitcoin ETFs have reached an impressive $27.9B in assets, securing ownership of 647,651 Bitcoins. Despite the market slump, the ETF is still a huge success.
The Grayscale Situation
Grayscale's decision to offload Bitcoin holdings has raised questions and eyebrows across the crypto community. This move comes as a response to several factors that have put Grayscale in a challenging position.
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