Accumulate

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/etfs-continue-to-accumulate-bitcoin-holdings/" data-wpel-link="internal">ETFs Continue to Accumulate Bitcoin Holdings</a><br></p>
<p class="p1" style="text-align: justify">Since their launch in January, nine new spot <a href="https://en.coin-turk.com/bitcoins-rally-amidst-halving-anticipation-analysts-predict-major-upsurge/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds (ETFs) have accumulated over 500,000 Bitcoins, now representing 2.54% of the circulating supply. According to Farside Investors, these nine ETFs reached this milestone after another significant day of inflows on March 28, collecting $287.7 million worth of Bitcoin.</p> 
<h2 class="p1" style="text-align: justify" id="etf-funds-keep-piling-up-bitcoin">ETF Funds Keep Piling Up Bitcoin</h2> 
<p class="p1" style="text-align: justify">In just 54 trading days, these nine ETFs have increased their Bitcoin holdings to a value of $35 billion. It is reported that all US spot Bitcoin funds, including Grayscale, now possess 835,000 Bitcoins, nearly 4% of the total supply.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-334752 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/hodl.jpg" alt="" width="2048" height="1060"></p> 
<p class="p1" style="text-align: justify">This week’s ETF inflows have reversed the outflow trend that started on March 18, resulting in a positive balance of $845 million in investments so far. On March 28 alone, there was a total inflow of $183 million, with BlackRock’s IBIT fund leading the way with a $95 million investment.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-etf-front">What’s Happening on the ETF Front?</h2> 
<p class="p1" style="text-align: justify">Fidelity and Bitwise each saw similar inflows of approximately $67 million, while Ark 21Shares followed a $200 million influx on March 27 with $27.6 million. On the Grayscale front, the GBTC outflow was $105 million, marking the lowest level since March 12.</p> 
<p class="p1" style="text-align: justify">Since converting to a spot ETF fund in mid-January, the crypto asset manager has withdrawn approximately 284,846 Bitcoins from the GBTC fund. In related news, Bitwise filed an S-1 application with the Securities and Exchange Commission (<a href="https://en.coin-turk.com/major-crypto-exchange-hotbit-shuts-down-ceases-all-operations-users-advised-to-withdraw-assets/" data-wpel-link="internal">SEC</a>) for a spot <a href="https://en.coin-turk.com/ethereum-co-founders-wallet-makes-notable-exchange-deposit/" data-wpel-link="internal">Ethereum</a> ETF fund on March 28.</p> 
<p class="p1" style="text-align: justify">ETF analyst Eric Balchunas reacted to the news by noting that the chance of an Ethereum ETF approval in May remains pessimistic at 25% and could drop further. He added that there are seven weeks until the deadline and the SEC’s silence is ominous. During this period, the SEC has taken significant steps concerning Ethereum, sparking a major debate within the crypto community, and experts believe the decisions taken by the agency are intended to prolong the process.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-334753" src="https://coin-turk.com/wp-content/uploads/2024/03/eric-1.jpg" alt="" width="500" height="205"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/etfs-continue-to-accumulate-bitcoin-holdings/" data-wpel-link="internal">ETFs Continue to Accumulate Bitcoin Holdings</a></h5>

ETFs Continue to Accumulate Bitcoin Holdings

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