Spot Bitcoin exchange-traded funds in the United States saw 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, totaling $248.65 million on Wednesday. The majority of the inflows came from BlackRock’s IBIT, which drew in $344.28 million from investors.
Grayscale’s GBTC experienced outflows of $47.93 million, while Bitwise’s BITB and ARK 21Shares’ ARKB also saw investors withdrawing $34.67 million and $13.02 million from the funds, respectively.
Despite the decrease in inflows, spot Bitcoin funds continued their streak of inflows for four consecutive days, accumulating over $3.5 billion during this period.
The total trading volume for these investment products reached $2.97 billion on the day, with a cumulative total net inflow since launch day of $39.23 billion.
The slowdown in inflows coincided with a 3% drop in Bitcoin’s price over the last 24 hours, trading at nearly $102k at press time.
Kadan Stadelmann, CTO of Komodo Platform, previously mentioned that the early days of Trump’s presidency could lead to a “sell the news” event. The initial optimism in the crypto markets following Donald Trump’s election may fade as anticipated policy changes were likely already priced in before he took office.
Following his inauguration, President Trump’s newly appointed interim SEC chair, Mark Uyeda, wasted no time in launching a crypto task force on Tuesday. Led by Commissioner Hester Peirce, the task force aims to establish a comprehensive and clear regulatory framework for crypto assets.
Matt Mena, Crypto Research Strategist at 21Shares, commented on the impact of this development, stating that the newly formed crypto task force could potentially pave the way for the approval of a wider variety of crypto ETFs, including those linked to SOL, XRP, LTC, DOT, and DOGE.
Mena highlighted that the task force’s goal is to promote structured disclosure frameworks, practical registration paths, and enhanced regulator-industry engagement, which could streamline the approval process for these crypto ETFs and facilitate broader crypto adoption.