Despite recent outflows in the market, investor interest in Bitcoin exchange-traded funds (ETFs) remains strong, with some funds experiencing net inflows.
Bitcoin ETF Flows
Recent data from SoSoValue shows that US-based spot Bitcoin ETFs saw significant outflows totaling $1.2 billion over the past four days.
- On Jan. 14, 12 spot ETFs lost a combined $209.82 million
- BlackRock’s IBIT fund recorded the largest outflow of $219.48 million
- Bitwise’s BITB also saw outflows of $8.93 million
- However, WisdomTree’s BTCW had a net inflow of $10.24 million
- VanEck’s HODL and ARK 21Shares’ ARKB funds added $5.46 million and $2.89 million, respectively
SEC Delays Bitwise
The US Securities and Exchange Commission (SEC) has extended its review of Bitwise’s proposal for a broad-based crypto index ETF, setting a new decision deadline for March 3.
The SEC stated that the delay is necessary for a more detailed review of the proposal, which could have significant implications for the industry.
The proposed ETF would track the performance of the 10 largest cryptocurrencies by market capitalization.
Osprey Moves to Convert Fund
Despite market conditions, Osprey Funds has announced plans to convert its Bitcoin trust into an ETF.
Osprey Bitcoin Trust (OBTC), launched in February 2021, currently manages $186.65 million in assets and aims to simplify Bitcoin exposure for investors.