Spot Bitcoin ETFs record flows, BTC battles at $41k, TrueUSD depegs, Coinbase vs. SEC | Weekly Recap
This week, spot Bitcoin ETFs recorded impressive inflows as the digital currency continued to battle the bears at the $41,000 mark. Meanwhile, the crypto scene witnessed updates on the Coinbase vs. SEC case. First week of trading: spot Bitcoin ETFs This week marked the first trading week for the recently-approved spot Bitcoin exchange-traded funds. Most products saw massive inflows, with BlackRock’s IBIT recording $500 million and Fidelity’s FBTC seeing $421 million inflows, per a Jan. 16 report. The Grayscale Bitcoin Trust (GBTC), which already commanded investments before its pivot to an ETF, was the only spot Bitcoin ETF to see net daily outflows, totaling $579 million as of Jan. 16. This was attributed to its high fees, which stands at 1.5%. In another interesting metric, data confirmed that, as of Jan. 16, all the spot Bitcoin ETFs commanded a combined volume of $1.8 billion. This figure was nearly four times the combined volume of all 500 ETFs launched last year, which...