Spot Bitcoin ETF Issuers Accumulate Over 19,908 BTC This Week
Data from the on-chain analytics platform Lookonchain reveals that Spot Bitcoin ETF issuers have purchased a total of over 19,908 BTC (equivalent to $860 million) this week. However, the data does not include WisdomTree’s BTC purchases, so the actual figure could be even higher. Additional data from Arkham Intelligence shows that WisdomTree obtained 74 BTC for its Bitcoin fund this week. In total, Spot Bitcoin ETF issuers have acquired nearly 20,000 BTC in just one week. These ETFs currently hold over 657,000 BTC (excluding WisdomTree), which amounts to 3.3% of Bitcoin’s circulating supply.
Impressive Institutional Adoption and Flows into Spot Bitcoin ETFs
Bitcoin ETFs have been successful since their launch, with Lookonchain data showing that they have attracted over $1.7 billion in flows after just 14 trading days. Comparatively, Gold ETFs saw $1.3 billion in a similar timeframe. Matt Hougan, Bitwise’s CIO, also revealed that Spot Bitcoin ETFs received $700 million in net inflows this week alone. These figures demonstrate the growing institutional adoption of Bitcoin and the increasing interest in these investment vehicles.
Sub-Par Trading Volume for Spot Bitcoin ETFs
On February 1, Spot Bitcoin ETFs recorded a trading volume of $924 million combined, with IBIT recording $301 million and GBTC recording $290 million individually. This was the first day that the daily volume for Spot Bitcoin ETFs fell below $1 billion. The reason for this lower performance is unclear and has not been commented on by analysts.
Hot Take: Spot Bitcoin ETFs Drive Institutional Adoption and Investment
The approval of Spot Bitcoin ETFs has resulted in significant institutional adoption of Bitcoin, with issuers accumulating large amounts of BTC in just one week. These ETFs currently hold a substantial portion of Bitcoin’s circulating supply. Additionally, the flows into Spot Bitcoin ETFs have surpassed those of Gold ETFs, indicating growing interest from investors. However, despite the overall success of these investment vehicles, there has been a recent dip in trading volume for Spot Bitcoin ETFs. The reason for this decline remains unclear. Nonetheless, the introduction of these ETFs has undeniably driven institutional adoption and investment in Bitcoin.
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