2024

Bitcoin

Strong

The recently launched spot Bitcoin exchange-traded funds (ETFs) completed their first 20 trading sessions, hitting the $10 billion milestone in assets under management (AUM).&nbsp;
According to data from BitMEX Research, net flows for the nine ETFs reached $2.7 billion on Jan. 9, led by BlackRock’s iShares Bitcoin Trust, which currently holds Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) worth $4 billion. The second position is claimed by Fidelity’s Wise Origin Bitcoin Fund, with over $3.4 billion in BTC under management. 
The ARK 21Shares Bitcoin ETF also <a href="https://twitter.com/21shares_us/status/1756080097520411066" target="_blank" rel="noopener nofollow">reached</a> the billion-dollar milestone, holding about $1 billion worth in its portfolio. Meanwhile, Grayscale Bitcoin Trust (GBTC) outflows amounted to $6.3 billion over the past 30 days. The fund recorded $51.8 million in outflows on Feb. 9, its smallest daily volume of capital withdrawals since conversion.
“I thought the Nine would get a bit weaker as GBTC outflows subsided but they’re getting stronger,” noted Bloomberg analyst Eric Balchunas on X.
<blockquote class="twitter-tweet">
 Bitcoin ETF Flow - 9th Feb All data out. Strong day at $541.5m of net inflow Invesco had an outflow, the first non-GBTC product to have an outflow day <a href="https://t.co/UCFDVAaKD3">pic.twitter.com/UCFDVAaKD3</a>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1756239419504316624?ref_src=twsrc%5Etfw">February 10, 2024</a>
</blockquote> 
Over the next few months, Bitcoin ETF flows <a href="https://cointelegraph.com/news/bitcoin-etfs-hype-stalled-due-diligence-bloomberg">are expected to increase as trading firms complete their due diligence</a> on the investment vehicles.
Bitcoin’s price consolidated above technical support in January, “including its 200-day moving average ($29,902) and on-chain mean ($33,487),” according to a recent analysis from ARK Invest. Over the month, the cryptocurrency price rose 0.6% to $42,585.
ARK Invest’s bullish view is that Bitcoin <a href="https://cointelegraph.com/news/substitution-gold-for-bitcoin-now-underway-cathie-wood">is replacing gold as a risk-off asset</a>. “Bitcoin’s price relative to that of gold has increased twenty-fold in the last 7 years. In January 2024, Bitcoin could buy ~20 troy oz of gold, compared to 1 troy oz in April 2017,” notes the analysis. “We believe this trend should continue as Bitcoin increases its role in financial markets.”
Considering the macroeconomic environment, the asset manager predicts that “as inflation cools and real rates rise, Bitcoin should remain antifragile as banks continue to lose deposits.” 
The United States Securities and Exchange Commission (SEC) <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">approved Bitcoin ETF applications</a> from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock and Grayscale on Jan. 10, more than a decade after Cameron and Tyler Winklevoss applied to launch the Winklevoss Bitcoin Trust in 2013.
Magazine: <a href="https://cointelegraph.com/magazine/orange-pill-children-bitcoin-kids-books/">Should you ‘orange pill’ children? The case for Bitcoin kids books</a>

Bitcoin ETFs hit $10B milestone just one month after approval

Cointelegraph

Other articles published on Feb 10, 2024

Crypto sidelined for Super Bowl as industry titans pull back on ad play

Recent Surge in Cryptocurrency Prices with Bitcoin Leading the Way

The Sandbox Price Analysis: How SAND Price May Perform in Future?

Security Breach at PlayDapp: A $31 Million Cyber Attack Shakes the Blockchain Gaming World

Ethereum Eyes Potential in Spot Exchange-Traded Funds

Cardano (ADA) Price Sets Stage for Rally to $1, Key Levels to Watch

Join our free newsletter for daily crypto updates!