Grayscale Bitcoin Trust

Billion

Elon Musk

<p>The US-listed spot Bitcoin exchange-traded funds (ETFs) have cumulatively bought about 68,500 Bitcoin (BTC) since their launch, valued at $2.8 billion, according to data provided by X account CC15Capital. Notably, the data doesn’t include numbers for the Grayscale Bitcoin Trust (GBTC), which continued to see outflows on the fifth trading day.</p> 
<p>The data also showed that spot Bitcoin issuers saw their Bitcoin holdings rise by another 10,667 BTC on Day 5 of trading — worth over $440 million at Bitcoin’s current price. <a href="https://coingape.com/blackrocks-strategy-poised-to-spike-bitcoin-prices-expert-says/" target="_blank" rel="noopener">BlackRock</a>’s ETF, iShares Bitcoin Trust (IBIT), led the acquisition race, adding 8,700 BTC, valued at roughly $358 million.</p> 
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   <img decoding="async" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM.jpg" alt="Bitcoin Holdings of Spot Bitcoin ETF Issuers As of December 18" width="800" height="602">
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   Bitcoin Holdings of Spot Bitcoin ETF Issuers As of December 18
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<p>Notably, Bitcoin has been under tremendous selling pressure as GBTC continues to see outflows. Traders pulled $580 million out of GBTC on the fifth trading day, <a href="https://coingape.com/bitcoin-etf-grayscales-gbtc-records-580-mln-net-outflow-on-day-5/" target="_blank" rel="noopener">CoinGape News reported</a>. Grayscale’s Bitcoin ETF has seen outflows of over $2 billion since its launch on Jan 11, according to data compiled by BitMEX Research.</p> 
<h2 id="bitcoin-etf-trade-volumes-jumped-34-on-day-5">Bitcoin ETF Trade Volumes Jumped 34% on Day 5</h2> 
<p>Meanwhile, according to Bloomberg senior ETF analyst Eric Balchunas, the “Newborn Nine” — a term he uses to refer to the nine spot Bitcoin ETFs excluding GBTC — saw a 34% rise in trade volumes on Day 5. “Normally with a hyped-up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up,” Balchunas said in an X post.</p> 
<p><img decoding="async" class="aligncenter wp-image-175308" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM.jpg" alt="Bitcoin ETF Trade Volumes On Day 5" width="800" height="602" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM.jpg 814w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-300x226.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-768x578.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-678x509.jpg 678w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-326x245.jpg 326w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-80x60.jpg 80w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-3.49.08 PM-150x113.jpg 150w" sizes="(max-width: 800px) 100vw, 800px"> <img decoding="async" class="aligncenter size-large wp-image-175312" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM.png" alt="" width="1144" height="852" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM.png 1144w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM-300x223.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM-768x572.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19-at-4.03.37 PM-150x112.png 150w" sizes="(max-width: 1144px) 100vw, 1144px"></p> 
<p>In a separate X post, Bitcoin Magazine pointed out that spot Bitcoin ETFs run by BlackRock, Fidelity, and Bitwise were among the top 10 most-traded ETFs in the US over the past week. Furthermore, the asset size of Grayscale and Fidelity’s Bitcoin ETFs had surpassed $1 billion at the close of trading on Jan 18, according to Bloomberg ETF analyst James Seyffart.</p> 
<h3 id="bitcoin-vaults-past-silver-in-etf-market">Bitcoin Vaults Past Silver in ETF Market</h3> 
<p><a href="https://coingape.com/just-in-bitcoin-etf-vaults-the-token-past-silver-with-27-5-billion-in-assets/" target="_blank" rel="noopener">CoinGape News reported</a> earlier that bitcoin ETFs, which were approved in the US just last week, have already amassed $27.5 billion in assets. By comparison, Silver ETFs have $11 billion in assets under management (AUM) while Gold ETFs have $96 billion in AUM.</p> 
<p>Driven by the optimism around Bitcoin ETFs, crypto investment products <a rel="nofollow" href="https://blog.coinshares.com/volume-165-digital-asset-fund-flows-weekly-report-32a1e5e9e197" target="_blank">saw</a> inflows of around $1.2 billion in the second week of January, data from CoinGlass showed.</p> 
<p><strong>Also Read: <a href="https://coingape.com/cathie-wood-elon-musk-bullish-on-bitcoin-ark-buys-more-arkb-etf-with-bito-holdings/" target="_blank" rel="noopener">Cathie Wood &amp; Elon Musk Bullish On Bitcoin, Ark Buys More ARKB ETF With BITO Holdings</a></strong></p> 
<p>&nbsp;</p> 
<p>The post <a href="https://coingape.com/spot-bitcoin-etfs-excluding-gbtc-have-bought-btc-worth-2-8-billion-since-launch/">Spot Bitcoin ETFs Excluding GBTC Have Bought BTC Worth $2.8 Billion Since Launch</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Spot Bitcoin ETFs Excluding GBTC Have Bought BTC Worth $2.8 Billion Since Launch

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