Spot Bitcoin exchange-traded funds in the United States experienced a slowdown on Jan. 22 as BTC retraced back to around $102k.
According to data from SoSoValue, inflows into spot Bitcoin ETFs dropped by 69% from the previous day, reaching $248.65 million on Wednesday. The entire inflows recorded on the day came from BlackRock’s IBIT which drew in $344.28 million from investors.
Grayscale’s GBTC recorded outflows of $47.93 million, while Bitwise’s BITB and ARK 21Shares’ ARKB added to the negative momentum, with investors withdrawing $34.67 million and $13.02 million from the funds, respectively.
The remaining BTC ETFs stood still on the day. Despite the dip in inflows, the spot Bitcoin funds extended their streak of inflows to four consecutive days, accumulating over $3.5 billion during this period.
Total trading volume for these investment products stood at $2.97 billion on the day while the cumulative total net inflows since launch day stood at $39.23 billion.
Notably, the slowdown in inflows into the investment products came along with Bitcoin (BTC) dipping 3% over the last 24 hours, exchanging hands at nearly $102k at press time.
Kadan Stadelmann, CTO of Komodo Platform, previously told crypto.news that Trump’s early days in office could become a “sell the news” event. He noted that initial optimism in the crypto markets following Donald Trump’s election might fade, as anticipated policy changes were likely already priced in before he assumed office.
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Meanwhile, following his inauguration, President Trump’s newly appointed interim SEC chair, Mark Uyeda, took swift action by launching a crypto task force on Tuesday. The task force led by Commissioner Hester Peirce aims to establish a comprehensive and clear regulatory framework for crypto assets.
Commenting on this development’s impact, Matt Mena, Crypto Research Strategist at 21Shares, told crypto.news that the newly established crypto task force, led by Commissioner Hester Peirce, could pave the way for the approval of a wider variety of crypto ETFs, including those linked to SOL, XRP, LTC, DOT, and DOGE.
Mena noted that the task force aims to “promote structured disclosure frameworks, practical registration paths, and enhanced regulator-industry engagement,” which could streamline the approval process for these crypto ETFs while creating a clearer path for broader crypto adoption.
Read more: Bitcoin strategic reserve left hanging even as Trump takes office, what next?
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