2024-01-18 15:33:38
Recent Update: The fourth day saw significant financial growth, with a net increase of $1.2 billion in funds. This surge was mainly due to the impressive performance of the Newborn Nine, who brought in $914 billion on Wednesday, their highest daily total yet. This influx overshadowed the $450 million withdrawal from GBTC. In their first four days, the Newborn Nine have accumulated $3 billion and have had transactions totaling $5.4 billion, which are unusually high figures. Among them, IBIT has surpassed the $1 billion mark, with FBTC closely following. BITB is now solidly in third place. Additionally, five of these funds have each exceeded $100 million.
It's clear that the Newborn Nine are expanding their assets beyond the losses experienced by GBTC. However, even if all the money leaving GBTC was going to these new funds (which isn’t the case), this trend isn’t unusual. For years, ETFs have been drawing investments away from more expensive mutual funds. This shift in funds, even though it doesn't represent new demand for underlying stocks, has contributed to their growth and appeal, attracting millions of new investors. This trend is expected to continue, with the Newborn Nine likely to draw investments from other high-cost options as well. This is the current market trend.https://t.me/Bitcoin_Action
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