Bitcoin

Spot

Grayscale Bitcoin Trust

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 <p class="is-style-lead">Spot Bitcoin exchange-traded fund issuers accumulated an additional 10,667 Bitcoin (BTC) to their holdings by the fifth <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> day, paralleling an uptick in <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> volumes.</p>
 <p>According to data from the X account CC15Capital Bitcoin worth approximately $440 million was acquired by funds taking part in recent ETF approval. BlackRock’s ETF made the most considerable purchase with 8,700 BTC on Jan. 17, valued at nearly $358 million.</p>
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    <p lang="en" dir="ltr">FINAL Day 5 Update for 1/17 #Bitcoin&nbsp;ETF Holdings$GBTC finally posted their data, showing 10,824 $BTC outflow.<br><br>On a net basis, ETFs bought 10,667 #Bitcoin on Day 5.<br><br>Ready for 1/18 reports $IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/WFEkvStjBc</p>— CC15Capital (@Capital15C) January 18, 2024
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 <p>Collectively, nine ETFs, excluding Grayscale, have amassed close to 68,500 BTC since their inception, now valued at around $2.8 billion.</p>
 <p>The recent acquisitions of Bitcoin by various ETFs have been counterbalanced by ongoing withdrawals from the Grayscale Bitcoin Trust (GBTC), with the removal of about 10,824 BTC, equivalent to roughly $445 million, from GBTC. Since its transition to a spot ETF on Jan. 11, GBTC has seen an outflow of nearly 38,000 BTC.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Spot Bitcoin ETFs net inflow approaches $3b
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 <p>Bloomberg ETF analyst Eric Balchunas has coined the term ‘Newborn Nine’ for nine of the ten newly approved Bitcoin ETFs’, competitors that are attracting investment away from the first-mover Grayscale Bitcoin Trust (GBTC). These funds witnessed a 34% increase in daily <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> volume by the fifth day, defying the typical post-launch pattern of decreasing volumes.</p>
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    <p lang="en" dir="ltr">This is interesting, the Newborn Nine actually saw a 34% jump in volume today vs yesterday. Normally with a hyped up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up. All but one saw jump too but GBTC change flat so wasn't a volatility… pic.twitter.com/f6xOsLRWjr</p>— Eric Balchunas (@EricBalchunas) January 18, 2024
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 <p>However, it is important to note that there is a delay in reporting Bitcoin purchases by ETF managers due to the settlement period of transactions, which might affect the immediacy of data.</p>
 <p>Both BlackRock and Fidelity’s Bitcoin ETFs have shown robust investor interest, surpassing $1 billion in assets under management each as of Jan. 18, according to Bloomberg ETF analyst James Seyffart.</p>
 <p>Rachel Aguirre, Head of U.S. iShares Product at BlackRock, discussed the strong interest in their new spot Bitcoin ETF, IBIT, in a recent interview with Bloomberg TV. She noted diverse engagement from investors, including retail and self-directed types, with some ready to invest from the beginning.</p>
 <p>Further, Balchunas observed that the BlackRock and Fidelity Bitcoin ETFs are among the top five U.S. ETFs for weekly capital inflows, following closely behind the Vanguard 500 Index Fund ETF.</p>
 <p>Bitwise, another asset manager, reported an addition of 491 BTC on Jan. 18, as per CEO Hunter Horsley’s post on X.</p>
 <p>The rise in ETF popularity has coincided with a drop in overall cryptocurrency market capitalization and a <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> in ETF inflows. This trend underscores a growing inclination towards ETFs as a preferred investment vehicle in the cryptocurrency space.</p>
 <p>At the time of writing, Bitcoin’s price has declined by 3.6% over the past 24 hours, <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> at $41,245, and has seen a 10% fall over the week.</p>
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   <img decoding="async" width="898" height="495" src="https://cdn.thebittimes.com/images/2024/01/19/2634819ee003d460dcd8250a14cd06ef.webp" alt="Spot Bitcoin ETFs secure another 10,600 BTC in fifth-day trading surge - 1"> 
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   BTC 24-hour price chart | Source: CoinMarketCap
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/spot-bitcoin-etfs-secure-another-10-600-btc-in-fifth-day-trading-surge-tbt77070.html">https://thebittimes.com/spot-bitcoin-etfs-secure-another-10-600-btc-in-fifth-day-trading-surge-tbt77070.html</a></p>

Spot Bitcoin ETFs secure another 10,600 BTC in fifth-day trading surge

TheBitTimes

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