1 min readBitcoin Spot ETFs continue to see strong inflows
Bitcoin is the main story again - the spot bitcoin ETFs in the US continue to drive significant inflows. Monday and Tuesday alone saw over $1 billion dollars of net inflows whilst the Grayscale selling has dried up to its lowest levels since launch, at 142 million dollars over the same 2 day period. New issuers as of the time of this recording hold over 330 thousand bitcoin. There has been a 28% reduction in bitcoin held by exchanges since 2020, emphasising a significant supply shock.
Over the last month we saw a glimpse of outperformance by Ether, peaking at roughly 12% and retracing since. It would seem that participants were getting excited about the possibility of a Spot ETH ETF being approved in May, as well as the upcoming Dencun upgrade, which is set to reduce transaction fees for Ethereum Layer 2’s by at least 10 times.
It is important to note that legal experts place a roughly 50% chance of a Spot based ETH ETF being approved in May, and that it is much more likely to be approved sometime in 2025.
