Bitcoin has fallen for four consecutive days, recording its worst losing streak since mid-December.
This comes after it briefly surpassed the $49,000 level, its highest since about two years, on the back of the approval of the US Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) tracking bitcoin in the United States. The ETFs began trading on January 11.
The newly launched bitcoin exchange-traded funds (ETFs) saw total inflows of $1.4 billion in their first two trading sessions, according to Bloomberg ETF analyst Eric Balchunas.
According to a post by Balchunas on the X platform, which was seen by Al Arabiya Business, a total of 500,000 trades were conducted on the ETFs, with a total trading volume of $3.6 billion, according to Bloomberg data.
Trading volume takes into account inflows and outflows of funds. Balchunas suggested that the numbers could be adjusted due to transactions that are pending accounting settlement.
The SEC approved 11 bitcoin exchange-traded funds on January 10, in an approval that many experts in statements to Al Arabiya Business considered to be historic.
The data shows that the Grayscale Bitcoin Trust is the only ETF that saw an outflow of $579 million during this period. After discounting the outflow of the fund, the net total inflows across the funds amounted to $819 million.
The activity on the ETFs so far is in line with previous expectations from James Seyffart, an analyst at the European Training Foundation, who believes that bitcoin-tracking exchange-traded funds could attract around $10 billion in their first year.
