JPMorgan: 'Spot Bitcoin ETFs Post Sales of ~$15mn on Eleventh Day of Trading'

"We estimate preliminary U.S. spot Bitcoin ETFs saw ~$15 mn of net sales on Friday, January 26, the group's eleventh day of trading.
Friday's net inflows reversed the four-day streak of redemptions, yet the absolute size of sales remains small. Grayscale GBTC's outflows continue to slow, but we're also seeing decelerating sales in BlackRock's IBIT, the largest of newly launched ETFs (~ $2.2bn AUM).

As we've been seeing transaction volumes slowing this past week, we think we are perhaps seeing indication of the hype around these ETFs abating and entering a perhaps more normalized flow environment.

Bitcoin is down approximately 9.0% since launch, per Bloomberg pricing at the end of January 26, Bitcoin's price has stabilized around ~$42k to start the new week at the time of publishing this note."