Long

Bitcoin ETF

Bitcoin

Spot

Grayscale Bitcoin Trust

The emergence of nine new spot Bitcoin exchange-traded funds (ETFs) has seen a substantial accumulation of over 100,000 BTC, valued at an impressive $4 billion in assets under management (AUM). 
Among these new offerings, BlackRock’s IBIT leads the way with 40,213 BTC. 
However, the recent decline of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin’s</a> price below the $39,000 mark has raised concerns among analysts at Bitfinex, who are now cautioning against the risk of further price correction, especially for short-term holders. 
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 <img loading="lazy" decoding="async" class="size-full wp-image-27031" src="https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12.png" alt="BTC/USDT 1H chart" width="1835" height="857" srcset="https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12-300x140.png 300w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12-1024x478.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12-768x359.png 768w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12-750x350.png 750w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSD_2024-01-23_15-34-12-1140x532.png 1140w" sizes="(max-width: 1835px) 100vw, 1835px" title="Spot Bitcoin ETFs amass over 100,000 BTC as Bitcoin price drops under $39,000 14">
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 BTC/USDT 1H chart
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The market’s recent volatility has triggered a sense of bearish sentiment, prompting experts to identify critical support levels at $38,000 and $36,000. 
In their Tuesday Alpha Report, Bitfinex analysts delved into the current market dynamics, highlighting the susceptibility of short-term holders to react sharply to immediate market fluctuations. 
The report also pointed to the potential for a significant price correction, with key support levels identified between $38,000 (close to the short-term holder realized price of $38,307) and $36,000. 
An analysis of metrics related to unrealized and realized profit and loss for short-term Bitcoin holders revealed that over half of the profits earned by this group have been wiped out. The report noted that many holders, particularly those who entered the Bitcoin market in the past month, are choosing to exit at a loss. 
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The heightened market volatility has led to total liquidations of leveraged cryptocurrency positions surpassing $330 million in the last 24 hours. Long positions bore the brunt of the liquidations, accounting for a loss exceeding $290 million, while short positions contributed around $39 million to the overall liquidation figure. 
As Bitcoin faces these challenges, investors are closely monitoring support levels and the evolving behavior of short-term holders. 
<h2 id="spot-bitcoin-etfs-gain-traction-with-over-100-000-btc">Spot Bitcoin ETFs gain traction with over 100,000 BTC</h2> 
The introduction of nine new spot Bitcoin ETFs has seen a significant influx of assets, with these ETFs collectively amassing over 100,000 BTC, equivalent to $4 billion in AUM, excluding the converted Grayscale Bitcoin Trust (GBTC) fund. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 January 23 
 The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC. 
 BlackRock needed 7 trading days to become the third-largest BTC investment vehicle globally – set to become the second-largest after today. 
 Fidelity has also entered the top 4. <a href="https://t.co/NUvkQQcHbt" rel="nofollow" target="_blank">pic.twitter.com/NUvkQQcHbt</a> 
 — Vetle Lunde (@VetleLunde) <a href="https://twitter.com/VetleLunde/status/1749697883530526732?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">January 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Leading the pack is BlackRock’s spot Bitcoin ETF (IBIT), which currently holds 40,213 BTC, securing the top spot in terms of Bitcoin holdings. Fidelity’s FBTC spot Bitcoin ETF comes second, boasting 34,152 BTC. 
As of Monday, the combined holdings of the new spot Bitcoin ETFs reached 109,221 BTC, indicating substantial investor interest in these investment products. It’s important to note that this total excludes the GBTC, which has experienced a decline in its AUM by $2.8 billion during the same period. 
CoinGlass data reveals that assets held by the converted GBTC fund have decreased by over 10%, dropping from approximately 619,220 BTC to 552,680 BTC. This reduction of 66,540 BTC accounts for around 60% of the Bitcoin now collectively held by the new spot Bitcoin ETFs. 
On Monday, these new spot Bitcoin ETFs demonstrated strong investor interest, attracting $564.5 million in inflows. BlackRock’s IBIT led the way with its third-largest inflow day, securing $272 million. 
Fidelity’s FBTC followed with $159 million in inflows, while the remaining ETFs recorded figures under $100 million. These growing AUM and consistent inflows underscore the increasing acceptance and demand for spot Bitcoin ETFs among investors.

Spot Bitcoin ETFs amass over 100,000 BTC as Bitcoin price drops under $39,000

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