Trading volumes seen in spot Bitcoin ETFs in the US may be more misleading than expected.
According to the research conducted by NYDIG, the transaction volume of spot Bitcoin ETFs increased, There is new money coming into these It may not mean.
said Greg Cipolaro, NYDIG global research manager. “Industrywide daily transaction of volume daily fund flows that it is a reliable indicator for a misunderstanding there is.” said.
Cipolaro cited Grayscale Bitcoin Trust (GBTC) as an example. GBTC, the largest Bitcoin ETF in terms of trading volume, however More than $7 billion since January 11 shrunk. According to Cipolaro, this is There is no correlation between transaction volume and money flow is showing.
Compared to GBTC, which has a total transaction volume of more than $20 billion, approximately $13 billion iShares Bitcoin Trust (IBIT), which has a transaction volume of Reached a value of 7 billion dollars.
According to NYDIG research, instead of transaction volumes dollar transaction volume divided by a fund’s net asset value should be looked at.
Cipolaro, “This ratio shows the proportion of fund assets traded on any given day, giving an insight into investor profiles and what potentially motivates their investment choices.” said.