Bitwise Bitcoin ETF Trust (BITB) has recorded an influx of approximately $50 million on its third day post-ETF approval, according to BitMex Research.
This is surpising because there has been significant downward pressure on spot bitcoin.
Even as it retraces that value, it could be likely that increased trading activity on ETFs may not necessarily translate to increased demand for spot products.
While the Franklin Bitcoin ETF has maintained a steady position, Grayscale continues to experience outflows. This trend raises speculation about a potential shift from high-fee European ETPs to the lower-fee US ETFs.
BitMex had previously highlighted Fidelity's strong performance on the second day of ETF trading, indicating a competitive lead.
Outflows From Legacy Products
Some established Bitcoin products are witnessing outflows. The ProShares Bitcoin Strategy ETF (BITO), for instance, recorded a substantial $109 million outflow within a single day.
Conversely, the CI Galaxy Bitcoin ETF saw a $69 million outflow, and the 3iQ Bitcoin ETF experienced a $2 million outflow.