Bitcoin ETF Monday net inflows of $500 million help stabilize at 72K, instead of the London Stock Exchange

The Bitcoin ETF 3/11 data has been fully disclosed, with a total net inflow of $505 million. Among them, GBTC has a net outflow of $494 million, IBIT has a net inflow of $562 million, and FBTC has a net inflow of $215 million; in addition to GBTC, Investco's BTCO also shows a net outflow of $97 million.

Bitcoin Surges to 72K on Monday, Significant Inflows into ETFs

For the past two weeks, Bitcoin ETFs have generally seen better net inflows starting on Mondays and the least inflows on Fridays. Last Friday, the total inflow was only $220 million, while this Monday saw $505 million. IBIT now holds 204,330 bitcoins. Publicly-listed company MicroStrategy increased its holdings to 205,000 bitcoins on 3/11, slightly higher than IBIT.

LSE Accepts Bitcoin and Ethereum ETN Applications Not the Main Driver

On 3/11, the London Stock Exchange announced that it will start accepting applications for Exchange Traded Notes (ETNs) for Bitcoin and Ethereum cryptocurrencies in the second quarter of this year. These ETNs will allow investors to trade securities tracking crypto assets on the exchange.

As the LSE is not the first market to list ETNs related to crypto assets and such ETNs have been around for years, some believe that the LSE's announcement was the reason for Bitcoin's surge on Monday. However, since it is still in the planning stage and lacks real momentum, it should have low correlation with the news.

What Are Bitcoin ETNs?

Various Bitcoin ETNs have been available for investment in terms of fund size, costs, and registration locations. Some well-known providers and their products include ETC, CoinShares, 21Shares, WisdomTree, VanEck, Invesco, SEBA, Fidelity, etc. VanEck has also launched Bitcoin ETN products in Europe to facilitate the purchase and trading of Bitcoin, similar to stocks. ETNs do not require direct purchase or storage of digital currencies but offer an exchange-traded product that tracks Bitcoin price movements.

Current Bitcoin spot ETFs involve the physical buying and selling of Bitcoin, thus having a greater impact on prices and a larger market size.