Grayscale Bitcoin Trust

<div class="finbold">
 <p class="paragraph">The newly approved spot Bitcoin exchange-traded funds (ETFs) are recording increased investor interest even as the cryptocurrency struggles to sustain its valuation above key support levels.&nbsp;</p>
 <p class="paragraph">In this line, in an X (formerly Twitter) post on January 19, senior<em> Bloomberg</em> ETF analyst Eric Balchunas indicated that in the first five days of the products’ trading, they attracted a volume of&nbsp; $14.11 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>.</p>
 <p class="paragraph">Grayscale Bitcoin Trust (GBTC) continues to dominate the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> with over half of the volume at $7.64 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>. iShares Bitcoin Trust (IBIT) secured the second position with $2.76 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) at $2.1 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>.</p>
 <p class="paragraph">Reflecting on the first five days of trading, Balchunas observed that the fifth day seemed like a stretch for months. The total rolling net flows recorded a notable gain of $1.2 billion. However, it experienced a slight dip after Grayscale’s GBTC registered a substantial outflow of $582 million, which surpassed the remaining ETFS of $447 million.</p>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/19/8619adb32dc4eb16a22183e1cd74be5e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="short-squeeze-alert-for-next-week-two-cryptocurrencies-with-potential-to-soar">Short squeeze alert for next week: Two cryptocurrencies with potential to soar</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/19/262ff7b4ae1b5385d82a4bf25f06dc41.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-cryptocurrencies-under-1-to-buy-next-week">3 cryptocurrencies under $1 to buy next week</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/19/4e82a7bfff89e0d415472a1b7f150c5a.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="expert-identifies-when-to-take-bitcoin-profits-as-32-billion-outflows">Expert identifies when to take Bitcoin profits as $32 billion outflows</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/19/a15aefc017a604ceaf5a1fe053bc70c2.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="the-newborn-nine-bitcoin-etfs-own-nearly-3-billion-in-btc">The ‘Newborn Nine’ Bitcoin ETFs own nearly $3 billion in BTC</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/19/3512c565f00acbdd985bcae411cf5155.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="nuant-becomes-a-member-of-the-openwealth-association">Nuant becomes a member of the OpenWealth Association</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">This downward trend had a noticeable impact on Grayscale’s GBTC, leading to a considerable decline in net flows to $2.2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="216" src="https://cdn.thebittimes.com/images/2024/01/19/e23a72f969f21a599afc376979b2bbec.webp" alt class="wp-image-150131" srcset="https://cdn.thebittimes.com/images/2024/01/19/e23a72f969f21a599afc376979b2bbec.webp 680w, https://cdn.thebittimes.com/images/2024/01/19/e23a72f969f21a599afc376979b2bbec.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Spot Bitcoin ETF 5-day performance. Source: Bloomberg</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-significance-of-bitcoin-etfs-five-day-performance-nbsp">Significance of Bitcoin ETFs five-day performance&nbsp;</h2>
 <p class="paragraph">To underscore the significance of the performance, the analyst pointed out that, apart from GBTC, the new ETFs now account for 40% of all Bitcoin holdings owned by MicroStrategy (NASDAQ: MSTR).&nbsp;</p>
 <p class="paragraph">It’s worth noting that MicroStrategy has been accumulating Bitcoin (BTC) in recent years, with the latest haul standing at almost 190,000 BTC. Amid the rising trading volume, the ETF issuers added 10,667 BTC.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">After five days of existence the Newborn Nine have about 40% of the bitcoin holdings of MicroStrategy (just to provide a little context) pic.twitter.com/9WBIKxVF6K</p>— Eric Balchunas (@EricBalchunas) January 19, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">Previously, Balchunas underscored the notable achievement of the ETFs, emphasizing that their trading volume exceeded that of all other funds established in 2023, which collectively amassed a total volume of $450 million.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-impact-of-gbtc-selling-pressure-nbsp">Impact of GBTC selling pressure&nbsp;</h2>
 <p class="paragraph">The impressive volume comes despite exiting the GBTC selling pressure. As reported by Finbold, James Lavish, managing partner at the Bitcoin Opportunity Fund, suggested that the selling pressure from GBTC holders looking to convert to the spot ETF was a key factor in the ETF launch falling short of expectations.</p>
 <p class="paragraph">At the same time, Michael Sonnenshein, CEO of Grayscale Investments, stressed the importance of focusing on the volume instead of outflows.&nbsp;</p>
 <p class="paragraph">While the trading volume in ETFs did not directly impact the crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, it underscores a potential growing appetite among investors for exposure to cryptocurrencies within the traditional financial <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>.&nbsp;</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-how-many-billions-shook-the-bitcoin-etf-market-this-week-tbt77105.html">https://thebittimes.com/here-s-how-many-billions-shook-the-bitcoin-etf-market-this-week-tbt77105.html</a></p>

Here’s how many billions shook the Bitcoin ETF market this week

Table of Contents

TheBitTimes

Other articles published on Jan 19, 2024

Why Is Integritee Network’s TEER Pumping? 60% Further Surge Anticipated From Here

Chase CEO, Jamie Dimon Speaks About Bitcoin ETF and US Economy

Bitcoin Battles: Samson Mow Clashes With JPMorgan’s CEO Over BTC’s Future

Report Spots a Major Decline in Cryptocurrency Theft in 2023

Discover HugeWin – The Crypto Casino That Will Reshape the Industry in 2024 and Beyond

XRP Faces Moment of Truth as Symmetrical Triangle Pattern Nears Apex

Join our free newsletter for daily crypto updates!