- Net inflows to U.S. Bitcoin spot ETFs were substantial, with Fidelity ETF leading at $38.5731 million.
- Three days running, the Hong Kong Bitcoin Spot ETF saw net redemptions of 519.5 Bitcoins on May 13.
Crypto journalist Collin Wu tweeted recently that SoSoValue data shows large net inflows into U.S. Bitcoin spot ETFs on May 13. A notable $65.9602 million was the overall net inflow.
Out of the well-known ETFs, the Bitwise ETF (BITB) saw a single-day net inflow of $20.260 million and the Fidelity ETF (FBTC) a significant daily net inflow of $38.5731 million. The Grayscale ETF (GBTC) interestingly exhibited no inflows or outflows during this time.
According to SoSoValue, the total net inflow of the U.S. Bitcoin spot ETF on May 13 was $65.9602 million. Grayscale ETF GBTC has no inflows and outflows. The daily net inflow of Fidelity ETF FBTC was US$38.5731 million, and the single-day net inflow of Bitwise ETF BITB was…
— Wu Blockchain (@WuBlockchain) May 14, 2024
Redemptions of Hong Kong Bitcoin Spot ETF
The Hong Kong Bitcoin Spot ETF had a difficult day on May 13 with a net redemption of 519.5 BTC, in contrast to the good inflows in the United States. That made 3,560 BTC held overall. With $219 million in net assets overall, the ETF had a single-day turnover of $4.25 million.
Notably, the Hong Kong Bitcoin Spot ETF had net redemptions for the third day running. The sizeable 13,350 ETH that the Hong Kong ETH Spot ETF currently holds is additional proof of the region’s ongoing interest in Ethereum.
Patterns of BTC Price Right Now
At the time of writing, the price of BTC on CoinMarketCap was about $62,451.96, up 2.47% from the previous day. Even with this little increase, Bitcoin has dropped by 1.52% in the last week, suggesting a volatile time in the market.
On the other hand, JPMorgan CEO Jamie Dimon has added yet another level to the continuing Bitcoin conversation by publicly criticizing the currency and urging nations to outlaw it.
Considering that JPMorgan owns Bitcoin ETFs, this position is especially interesting. As noted in previous ETHNews reports, Dimon’s remarks reflect the nuanced and frequently at odds viewpoints on cryptocurrencies inside the financial sector.