Bitcoin ETF

Bitcoin

Spot

<p>The post <a href="https://coinpedia.org/news/institutional-giants-bet-big-on-bitcoin-whos-dominating-institutional-purchases-this-week/">Top Institutions Holding Bitcoin Buy $860M in One Week; 3.3% Locked in ETFs</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>It’s nearly impossible to predict what will be the next development in the crypto space. Now,<a href="https://coinpedia.org/news/spot-bitcoin-etfs-soar-as-21shares-celebrates-historic-success-vaneck-faces-challenges-whats-next-for-crypto/"> Spot Bitcoin ETFs</a> are causing quite a stir, attracting a significant uptick in institutional attention. Recent data from Lookonchain, a premier on-chain analytics platform, reveals substantial investments from major players like BlackRock into Bitcoin this week.</p> 
<p>Read more below.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-etf-issuers-make-waves"><strong>Bitcoin ETF Issuers Make Waves</strong></h2> 
<p>Lookonchain’s recent analysis shows that Spot Bitcoin ETF issuers collectively secured an impressive 19,908 BTC, equivalent to a whopping $860 million, in just this week.</p> 
<p>It’s important to note that this analysis excludes WisdomTree’s BTC purchases, suggesting that the actual figure could be even higher, factoring in the contributions from this asset manager.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Feb 1 Update:<a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> decreased 5,086 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($218M).<br><br>8 ETFs added 8,907 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($382M), of which <a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw">#Fidelity</a> added 5,422 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($232.6M).<a href="https://t.co/wSvnyoT8Kp">https://t.co/wSvnyoT8Kp</a> <a href="https://t.co/2vsiJ3GGXF">pic.twitter.com/2vsiJ3GGXF</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1753081093321105693?ref_src=twsrc%5Etfw">February 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><a href="https://platform.arkhamintelligence.com/explorer/entity/wisdomtree">Arkham Intelligence</a> sheds more light on WisdomTree’s Bitcoin fund, which saw a boost of 74 BTC in its wallet address for the Spot Bitcoin ETF. The cumulative result reveals that all Spot Bitcoin ETF issuers amassed nearly 20,000 BTC during the week, underlining the growing institutional interest in Bitcoin.</p> 
<p>Read More:<a href="https://coinpedia.org/news/will-sec-approve-bitcoin-options-etf-in-2024/"> Will SEC Approve Bitcoin Options ETF in 2024?</a></p> 
<h2 class="wp-block-heading" id="h-bitcoin-etfs-hold-3-3-of-circulating-supply"><strong>Bitcoin ETFs Hold 3.3% of Circulating Supply</strong></h2> 
<p>Lookonchain’s data further indicates that Bitcoin ETFs now hold over 657,000 BTC, excluding WisdomTree, representing an impressive 3.3% of Bitcoin’s circulating supply. Matt Hougan, Chief Investment Officer at<a href="https://coinpedia.org/crypto-live-news/bitwise-commits-to-donating-10-of-bitcoin-etf-profits/"> Bitwise</a>, highlights the success of these funds, noting a remarkable $1.7 billion in inflows after just 14 trading days. In comparison, Gold ETFs attracted $1.3 billion in a similar timeframe.</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="550" data-dnt="true">
   <p lang="en" dir="ltr">Bitcoin ETF flows after first 14 trading days: $1.7 billion <br><br>Gold ETF flows after first 14 trading days: $1.3 billion</p>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1753183681110564931?ref_src=twsrc%5Etfw">February 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In a recent update, Hougan emphasized that Spot Bitcoin ETFs garnered an astonishing $700 million in net inflows this week alone, solidifying their status as a powerful investment avenue.</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="550" data-dnt="true">
   <p lang="en" dir="ltr">Spot bitcoin ETFs have taken in ~$700m in net flows this week alone. Absolutely amazing.<br><br>People overestimated the short-term impact of ETFs and continue to dramatically underestimate the long-term impact. <a href="https://t.co/OwJsSTURZm">https://t.co/OwJsSTURZm</a></p>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1753069216994115988?ref_src=twsrc%5Etfw">February 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-blackrock-leaves-grayscale-behind"><strong>BlackRock Leaves Grayscale Behind</strong></h2> 
<p>Bloomberg analyst James Seyffart reports a groundbreaking achievement for BlackRock’s IBIT, which appears to have outpaced<a href="https://coinpedia.org/news/bitcoin-btc-price-to-take-deep-plunge-matrixport-makes-bold-predictions-at-36k/"> Grayscale’s GBTC</a> in single-day trading volume. Despite Grayscale’s historical dominance, IBIT recorded an impressive $301 million in trading volume on February 1, surpassing GBTC’s $290 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Still some after hours trading left but looks like BlackRock's <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> is the first ETF to trade more than Grayscale's <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> in a single day. <br><br>Total trading today was kind of a dud though at $924 million — first day below $1 billion in dollar volume for the group since launch. <a href="https://t.co/IeIF2COm4F">https://t.co/IeIF2COm4F</a> <a href="https://t.co/ZtADLBQP63">pic.twitter.com/ZtADLBQP63</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1753165420482244632?ref_src=twsrc%5Etfw">February 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Seyffart notes that while the total daily trading volume was somewhat subdued, all Spot Bitcoin ETFs collectively achieved an impressive $924 million in trading volume.</p> 
<p>The surge in institutional buyers, notably BlackRock, signifies a profound shift in the dynamics of the cryptocurrency market. Spot Bitcoin ETFs are not only gaining traction but are also reshaping daily trading patterns.Also Read:<a href="https://coinpedia.org/research-report/monthly-bitcoin-etf-tracker-analysing-market-performance/"> Monthly Bitcoin ETF Tracker: Analysing Market Performance</a></p>

Top Institutions Holding Bitcoin Buy $860M in One Week; 3.3% Locked in ETFs

Table of Contents

CoinPedia News

Other articles published on Feb 2, 2024

Ethereum Prepares for Dencun Upgrade to Boost Network Performance

Keep 20% of your portfolio in Pushd (PUSHD) says Litecoin (LTC) & Dogecoin (DOGE) billionaire, as...

Zentu Genesis Crosses 100 Million ABBC Milestone in No Time

Bitmex Founder Arthur Hayes Makes $1.45M Profit with Pendle, Bitcoin Options Next

7 Historic Bitcoin Transactions That Changed the Digital World

Meta Shares Soar as Company Declares Initial Dividend and Continues Buyback

Join our free newsletter for daily crypto updates!