Large-scale capital outflows from Bitcoin spot ETF offset inflows

According to an article from the Financial Times, data from CoinShares shows that Bitcoin spot ETFs, including BlackRock, Franklin Templeton, and Invesco, had a net inflow of $871 million in the first three days of trading. However, these inflows were offset by Grayscale's outflow of $1.18 billion. Analysts believe that most of the outflows may be due to investors shifting towards one of the new ETFs as they have lower fees than Grayscale. However, since the approval of Bitcoin ETFs, Bitcoin has fallen by about 6%. Ilan Solot, Co-Head of Digital Assets at Marex Solutions, stated that the approval of Bitcoin ETFs is by no means a massive success. The latest price trend for Bitcoin indicates that so far Bitcoin ETFs have not made a profound impression as expected by the market.