Quick Take
The fourth day of trading activity witnessed a striking upsurge in the aggregation of rolling net flows, escalating to a notable $1.2 billion, according to Eric Balchunas. This surge was primarily driven by the ‘Newborn Nine,’ a collective term for the emerging digital asset funds coined by Balchunas, which accrued a substantial $914 million, marking their most successful trading day to date. According to Balchunas, this influx surpassed the $450 million outflow from GBTC, spotlighting the significant momentum gained by the Newborn Nine.
Over the initial four-day trading period, the Newborn Nine saw an unusually high intake of $3 billion and a trading volume of $5.4 billion, painting a picture of robust market participation, according to Balchunas. Of these, IBIT surged past the $1 billion mark, while FBTC closely followed. BITB established itself in the third position. Remarkably, half of the Newborn Nine surpassed the $100 million benchmark, a testament to the strong investor interest in these budding digital asset funds, according to Balchunas.
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