Spot Bitcoin ETFs Attract Over $700M as VanEck Liquidates Futures Fund

Despite early success, potential headwinds for bitcoin could impact prices in the coming days.

VanEck is liquidating its Bitcoin Strategy ETF (XBTF), which held just over $53 million worth of bitcoin futures contracts, following the launch of its spot bitcoin ETF offering last week.
BlackRock's iShares Bitcoin Trust ETF has attracted more than $700 million, while Fidelity’s Wise Origin Bitcoin Fund has topped $500 million, indicating a shift in investor confidence towards traditional financial institutions.
Grayscale’s Bitcoin Trust ETF (GBTC) has seen net outflows of $1.2 billion since the launch of the spot bitcoin ETFs.
The total trading volume for the 11 spot bitcoin ETFs reached the $10-billion mark on the fourth day of trading.
Despite the early success of the spot bitcoin ETFs, headwinds for bitcoin continue to linger and could contribute to prices falling lower in the coming days.