Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Only IBIT, BlackRock's iShares Bitcoin Trust, continues its streak of consecutive daily positive flows.The initial euphoria for the spot bitcoin ETFs has seemingly dampened and reality is slowly kicking in with inflows recently unable to keep up with the still speedy pace of exits from Grayscale's Bitcoin Trust .
On last Friday and again on Monday, Fidelity’s Wise Origin Bitcoin Fund had inflows of $0, breaking its streak of daily additions that started at launch on January 11. That leaves BlackRock’s iShares Bitcoin Trust as the only spot bitcoin ETF left that's experienced an unbroken string of inflows since the vehicles began trading.
Seyffart explained that the creation and redemption of shares of an ETF only takes place when a large enough mismatch in supply and demand exists and the cost to do so is lower than hedging. In the case of the bitcoin ETFs, these creation units range anywhere from 5,000 to 50,000 shares. “Minor mismatches will see the market makers handle trading of shares just like they would a stock,” Seyffart wrote.
“There is surely potential for a resurgence in inflows,” said Samir Kerbage, chief investment officer at Hashdex, which converted its bitcoin futures fund into a spot bitcoin ETF in March.
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