Bitcoin ETF

Bitcoin

Billion

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 <p>In a noteworthy development within the cryptocurrency sphere, nine recently introduced spot Bitcoin exchange-traded funds (ETFs) have collectively garnered more than $4 billion worth of Bitcoin in just seven days of trading. The total assets under management (AUM) for these ETFs now exceed 100,000 BTC, equivalent to approximately $4 billion, excluding the Bitcoin Trust (GBTC) fund, which has been converted by Grayscale.</p>
 <h4 class="wp-block-heading" id="h-key-players">Key Players</h4>
 <p>The prominent nine ETFs driving this surge in Bitcoin holdings encompass BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). BlackRock’s spot Bitcoin ETF (IBIT) takes the lead, boasting 40,213 BTC in holdings, followed closely by Fidelity’s FBTC with 34,152 BTC, according to data from K33 Research.</p>
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    <p lang="en" dir="ltr">January 23<br><br>The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC. <br><br>BlackRock needed 7 trading days to become the third-largest BTC investment vehicle globally – set to become the second-largest after today. <br><br>Fidelity has also entered the top 4. pic.twitter.com/NUvkQQcHbt</p>
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    </div> — Vetle Lunde (@VetleLunde) January 23, 2024
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 <h4 class="wp-block-heading" id="h-aggregate-holdings-and-exclusion-of-gbtc">Aggregate Holdings and Exclusion of GBTC</h4>
 <p>As of the latest data on Monday, the cumulative holdings of these new ETFs reached 109,221 BTC. It is noteworthy that this calculation excludes Grayscale’s Bitcoin Trust (GBTC), which has observed a decrease in assets under management by $2.8 billion over the same period.</p>
 <h4 class="wp-block-heading" id="h-gbtc-s-decline-and-inflows-into-etfs">GBTC’s Decline and Inflows into ETFs</h4>
 <p>On the seventh day of U.S. spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> trading on January 22, the total trading volume reached $2.1 billion, with Grayscale’s GBTC leading at $1.1 billion. However, the new spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>s experienced substantial inflows, totaling $564.5 million on Monday, as reported by Bloomberg ETF analyst James Seyffart. BlackRock’s IBIT recorded a significant inflow of $272 million, followed by Fidelity’s FBTC at $159 million. Furthermore, other ETFs saw inflows below $100 million.</p>
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 <p><strong>Also Read: Bitcoin ETF Trade Volume Reaches $9.7 Billion in Three Days</strong></p>
 <h4 class="wp-block-heading" id="h-challenges-and-outflows">Challenges and Outflows</h4>
 <p>Despite the positive influx, the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market encountered challenges, particularly for Grayscale’s converted GBTC fund. The fund witnessed its most substantial daily outflow to date, totaling $640.5 million. This resulted in a net outflow of $76 million as Bitcoin’s price dipped below $40,000 for the first time in seven weeks. Currently, Bitcoin is trading at $39,227.</p>
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    <p lang="en" dir="ltr">Update: BlackRock's numbers are in for the #<a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> Cointucky derby. Third biggest inflow day for $IBIT yet at $272 million. Only -$76 million in net outflows for the day. https://t.co/ySE0edbz4c pic.twitter.com/RzgH6qn5Md</p>— James Seyffart (@JSeyff) January 23, 2024
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 <p>The swift accumulation of Bitcoin by the recently introduced spot ETFs signifies a growing institutional interest in the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market. The changing dynamics, coupled with challenges faced by Grayscale’s GBTC, underscore the evolving landscape of Bitcoin investments and the influence of these financial instruments on the broader market. Additionally, the upcoming weeks will be crucial in assessing the sustained impact of ETFs on the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> space.</p>
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 <p><strong>Also Read: How the <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> Launch Could Fuel Altcoin Rallies?</strong></p>
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<div class="cs-entry__tags">
 <ul>
  <li>bitcoin</li>
  <li>Bitcoin ETF</li>
  <li>btc</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/spot-bitcoin-etfs-achieve-4-billion-aum-milestone-in-first-7-days-tbt77509.html">https://thebittimes.com/spot-bitcoin-etfs-achieve-4-billion-aum-milestone-in-first-7-days-tbt77509.html</a></p>

Spot Bitcoin ETFs Achieve $4 Billion AUM Milestone in First 7 Days

TheBitTimes

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