Nine recently introduced spot Bitcoin exchange-traded funds (ETFs) have accumulated BTC worth over $10 billion. They have amassed a whopping 6,009.49 bitcoin, valued at approximately $288 million since their launch on February 9, 2024. At the same time, Grayscale’s Bitcoin Trust (GBTC), a well-known player, has sold off about 2,252.2 Bitcoins, equivalent to roughly $108 million.
HODL15Capital, a self-described Capital Compounder, revealed through a recent post on X (formerly Twitter) that the nine ETFs, including IBIT, FBTC, ARKB, BITB, BRRR, BTCO, HODL, and EZBC, accomplished this remarkable feat. The chart provided by HODL15Capital indicated that BlackRock’s IBIT and Fidelity’s FBTC took the lead in Bitcoin acquisitions, with daily increases in BTC purchases.
Reports suggest that the total BTC purchases by the ETFs, as of February 9, have surpassed MicroStrategy’s holdings of 190,000 Bitcoins. MicroStrategy, a renowned asset management company, started accumulating Bitcoins in mid-2020 as part of its strategy to diversify into alternative assets, including cryptocurrencies.
The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) triggered significant transitions in Bitcoin’s price. After an initial spike, BTC experienced a downturn, dropping from $49,048 on January 11 to $38,505 by January 23. This marked the first phase of the post-ETF price movement.
The upward trajectory in Bitcoin’s price, with a current focus on surpassing the January 11 yearly high, could potentially propel it beyond $50,000 for the first time since December 2021. Analysts are eyeing significant resistance at $52,000, suggesting a potential breakthrough if the bullish momentum continues.
Bitcoin ETF Accumulation
In today’s recent news, Bitcoin ETFs accumulated BTC worth over $10 billion. The nine newly unveiled ETFs, including BRRR, BTCW, HODL, ARKB, EZBC, IBIT, FBTC, BITB, and BTCO, have collectively gathered 208,878.1 BTC, valued at just over $10 billion. Among them, Blackrock’s IBIT and Fidelity’s FBTC lead the charge, holding a commanding share of 75.26%, with 87,779.82 BTC and 69,433.66 BTC, respectively. As of February 9, 2024, Ark Invest’s ARKB ETF holds 18,590 BTC, valued at about $893 million.
Key ETF Holdings
- BIT Dominance: Blackrock’s IBIT secures 87,779.82 BTC, estimated at $4.15 billion.
- FBTC Power: Fidelity’s FBTC controls 69,433.66 BTC, valued at $3.15 billion.
- ARKB’s Stash: Ark Invest’s ARKB boasts 18,590 BTC, with an approximate value of $893 million.
Other ETF Contributions
- Bitwise’s BITB: 17,398.13 BTC, valued at $835 million.
- Invesco Galaxy BTCO ETF: 7,568 BTC, worth over $363 million.
- Vaneck’s HODL ETF: 3,337.79 BTC, worth over $160 million.
- Valkyrie’s BRRR ETF: 2,748.70 BTC, valued at $132 million.
- Franklin Templeton’s EZBC: 1,624 BTC, worth $78 million.
- Wisdomtree’s BTCW: 398 BTC, with an estimated market value of around $19.12 million.
GBTC Sell-Off
In contrast, Grayscale’s GBTC has experienced a net outflow of 2,252.2 BTC since February 9, 2024. With holdings decreasing from 468,786.99 BTC to 466,534.79 BTC, this marks a shift in the crypto landscape, as the new ETFs now represent 44.77% of GBTC’s total assets. Notably, since January 12, 2024, 150,545.2 BTC, worth $7.25 billion, has exited GBTC’s coffers.
As Bitcoin ETFs accumulated BTC worth over $10 billion, the cryptocurrency market witnessed a dynamic reshuffling. The shift in the distribution of BTC holdings indicates a changing landscape within the crypto investment realm. Investors will undoubtedly keep a close eye on these developments as the market continues to evolve.
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