The Spot Bitcoin ETF market launched with great enthusiasm, and in its first week, significant events unfolded. Bitcoin ETFs on Wall Street saw over $10 billion in trading volume in the first three days, surpassing the volume of 500 ETFs approved last year.
Bitwise CEO Hunter Horsley announced that the Bitwise Bitcoin ETF ($BITB) witnessed $68 million in new entries, with a total of $370 million over four days. Horsley thanked investors for their confidence in Bitwise and its ETF offerings.
Bitwise notably used BRRNY vwap to purchase all underlying Bitcoins in spot ETFs. On the last trading day, Bitwise Bitcoin Spot ETF (BITB) bought a net of 1,598 Bitcoins.
As of January 18, BITB ETF held approximately $358 million worth of 8,309 Bitcoins. The last trading day saw a $70 million value change with 2.9 million dollars in shares traded.
Meanwhile, Grayscale Bitcoin Trust (GBTC) experienced significant outflows, causing market concern. Analysts suggest these outflows from GBTC are leading to strong inflows into other ETFs. Bloomberg strategist James Seyffart noted substantial fund flows from $GBTC to competitors’ ETFs, reaching a total outflow of approximately $594 million, with overall outflows hitting $1.173 billion.