Bitcoin ETFs Gain Traction Grayscale's Fund Dominates Spot ETF Volumes

Despite a slump in Bitcoin's price, the market for Bitcoin ETFs surpasses that of silver, with BlackRock's ETF pulling in over $1 billion.

Bitcoin continues to hover around $41,000 as Grayscale's fund dominates spot ETF volumes, with the cryptocurrency experiencing a 1% decline to $41,065.
The overall crypto market saw over $230 million of liquidated long positions in the past 24 hours, contributing to a total of $271 million in liquidations across various centralized exchanges.
Bitcoin's price declines came amid a net outflow of $137.4 million from spot bitcoin ETFs, with most of that occurring because of the $582.3 million that came out of Grayscale's fund.
The new bitcoin ETFs, which started trading last week, had seen total volume of $1.4 billion, with Grayscale's fund accounting for 58.5% of the total flow.
Despite the launch of Bitcoin ETFs, the price of Bitcoin has slumped significantly, but the market for Bitcoin ETFs is reportedly more valuable than the one for silver with BlackRock’s ETF already pulling in more than $1 billion on its own.

Bitcoin ETFs Gain TractionGrayscale's Fund Dominates Spot ETF Volumes