Bitcoin

Giant

Billion

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The introduction of <a href="https://twitter.com/lookonchain/status/1759595772247761049">Bitcoin&nbsp;ETFs</a> marked a significant milestone for the cryptocurrency, signaling growing acceptance among institutional investors. Since their inception, eight ETFs have collectively amassed an astonishing 268,149 BTC, valued at approximately $13.97 billion.
Topping the list of accumulators is iShares by BlackRock, with a staggering 119,681 BTC, worth around $6.23 billion. This substantial holding underscores the confidence major financial players have in the potential of Bitcoin.
<blockquote>
 Since the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETF launched, 8 ETFs have accumulated a total of 268,149 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($13.97B).<a href="https://twitter.com/hashtag/iShares?src=hash&amp;ref_src=twsrc%5Etfw">#iShares</a>(<a href="https://twitter.com/hashtag/Blackrock?src=hash&amp;ref_src=twsrc%5Etfw">#Blackrock</a>) has accumulated the most with 119,681 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($6.23B).<a href="https://t.co/1Tdx0iAlGK">https://t.co/1Tdx0iAlGK</a> <a href="https://t.co/s9GedBKkGR">pic.twitter.com/s9GedBKkGR</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1759595772247761049?ref_src=twsrc%5Etfw">February 19, 2024</a>
</blockquote> 
The holdings composition provides a clear picture of the performance of various Bitcoin ETFs. For instance, apart from iShares, we see notable accumulations by entities such as Fidelity Wise Origin Bitcoin Fund and ARK 21Shares <a href="https://u.today/blackrock-just-shocked-spot-bitcoin-etf-world-with-new-ad">Bitcoin</a> ETF, which reflect a bullish stance on the digital asset by these providers.
These strategic accumulations by ETF providers have significantly outpaced the selling pressure exhibited by Grayscale in the past.
Turning our attention to the price analysis of Bitcoin, market sentiment remains optimistic. The chart illustrates a persistent upward trend, with the price moving above the major moving averages, which act as support levels. These moving averages are often seen as indicators of investor sentiment, and their ascending order suggests a strong bullish trend.
Key support and resistance levels can be gleaned from the chart as well. The current <a href="https://u.today/xrp-brutally-denied-ethereum-eth-flirts-with-3000-did-bitcoin-btc-plateau">support levels</a> are indicated by the 50-day moving average (blue line), followed by the 100-day (orange line) and the 200-day (black line) moving averages. A drop below these could signal a shift in trend, while consistent support above them reinforces positive momentum. On the upside, resistance is likely to be encountered near the recent highs which, if broken, could indicate the potential for further growth.
The volume of trades and the RSI further accentuate this narrative. The RSI, currently around the 70 mark, indicates strong buying pressure, although investors should watch for any signs of divergence that might suggest a cooling off period.

Giant $14 Billion in Bitcoin (BTC) Accumulated by ETF Providers

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