Bitcoin ETF

Bitcoin

BlackRock

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
During his recent appearance at the CNBC’s Squawk Box show, VC investor, Bitcoiner and entrepreneur <a href="https://u.today/wild-bitcoin-statement-about-btc-etf-by-anthony-pompliano-follows-btc-rise-close-to-43000" rel="noopener noreferrer nofollow">Anthony Pompliano</a> talked about Bitcoin and spot BTC ETFs – those were launched a month ago, on January 11 after the much-anticipated approval of the Securities and Exchange Commission and its chairman Gary Gensler.
Pompliano (known within the cryptocurrency community as “Pomp”) stated that Wall Street “not just likes, but loves Bitcoin.” He also mentioned that the recently launched spot ETFs have set a record in the history of this type of asset.
<h2 id="bitcoin-etfs-set-new-record-on-wall-street">Bitcoin ETFs set new record on Wall Street</h2>
Talking about the <a href="https://u.today/bitcoin-wallet-activity-dips-despite-etf-approvals" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, Pompliano referred to some important historical data – there have been 5,500 ETF launches over the last 30 years, he stated. However, only spot Bitcoin ETFs have managed to beat all ETFs launched before them – none of the earlier exchange-traded funds were able to collect $3 billion of inflows during the first month of trading.
<blockquote>
 Wall Street LOVES bitcoin.They are buying up 12.5x more bitcoin per day than the network can produce. The march to a new all-time high is underway if this continues.I explain this on my segment with <a href="https://twitter.com/SquawkCNBC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SquawkCNBC</a> this morning. <a href="https://t.co/0zRc3RQ4hY" rel="noopener noreferrer nofollow">pic.twitter.com/0zRc3RQ4hY</a>— Pomp 🌪 (@APompliano) <a href="https://twitter.com/APompliano/status/1757030179489157575?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 12, 2024</a>
</blockquote>
The Bitcoin ETFs rolled out by BlackRock and Fidelity have managed to do that, he shared, adding that currently the spot Bitcoin ETFs are consuming 12.5x more BTC per day than miners produce.
By now, the BlackRock ETF has seen a staggering $4 billion worth of Bitcoin coming in, Fidelity - $3.5 billion. As for Bitwise and 21Shares, their Bitcoin inflows have hit $1 billion each this week. Pomp added that 80% of all Bitcoin that is circulating in the market has not been moved over the last half a year. Only about $200 billion in Bitcoin is actually tradeable. Therefore, the ETFs have already scooped up 5% of all the Bitcoin supply that is now trading in the market in merely 30 days.
“Bitcoin has become Wall Street’s favorite asset,” Pompliano stated amazed at this development.
<h2 id="wall-street-to-start-adding-bitcoin-to-all-their-etfs">Wall Street to start adding Bitcoin to all their ETFs</h2>
Pompliano also reminded the CNBC hosts that Fidelity recently announced that they will be adding part of Bitcoin they own into their “All-in-one” ETF in Canada – 1-3% of Bitcoin they acquire, including part of their spot Bitcoin ETF.
That “All-in-one” fund contains half a dozen other types of equities, including US equities, global equities. Now they plan to load up Bitcoin into it as well.
<blockquote>
 and so it begins! <a href="https://twitter.com/Fidelity?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Fidelity</a> putting respectively 1% (conservative), 2.5% (balanced) and 3.1% (aggressive) <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a> via their <a href="https://twitter.com/search?q=%24FBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FBTC</a> ETF in general managed fund "all in one ETF" <a href="https://t.co/LWi5JpQJFe" rel="noopener noreferrer nofollow">https://t.co/LWi5JpQJFe</a> <a href="https://t.co/7SRRC7AvGM" rel="noopener noreferrer nofollow">pic.twitter.com/7SRRC7AvGM</a>— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1755263381085307364?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a>
</blockquote>

Bitcoin ETFs Break 30-Year Record In First Month of Trading, Pompliano Says: Details

Table of Contents

U_Today

Other articles published on Feb 12, 2024

eToro Review: Pros, Cons, Fees & Features Explained

3 altcoins to watch this week: Polygon, Frax and Memeinator

FTX to Sell Digital Custody Unit for $500K, Down from $10M Buy

OpenAI’s Development of Agent Software Marks a Potential Revolution in Computing

Bitcoin Maintains $48,000 Level as Investors Eye US Inflation Data

Top Crypto Gainers Today on DEXTools – CSHIB, DADA, FERRET

Join our free newsletter for daily crypto updates!