Bitcoin ETF Issuers Accumulate Over 86,000 BTC
According to on-chain analyst Ali on X, Bitcoin ETF issuers, excluding Grayscale, have acquired over 86,000 BTC at an average price of $42,000. This amounts to a significant investment of $3.63 billion.
Sustained Interest in Bitcoin ETFs
The ongoing high trading activity in Bitcoin ETFs demonstrates the continued interest and engagement from investors since their launch.
iShares and Fidelity Lead the Pack
Among Bitcoin ETF issuers, iShares holds the largest position with over $1.3 billion worth of BTC. Fidelity follows closely behind with BTC holdings valued at $1.22 billion.
Bitwise and ARK/21Shares claim the third and fourth spots with holdings worth $409.23 million and $364.94 million respectively.
Diverse Lineup of Bitcoin ETF Issuers
Invesco holds the fifth position with a total BTC value of $249.49 million. VanEck ranks sixth with holdings valued at approximately $89.21 million. The lineup is completed by Valkyrie, Franklin Templeton, and WisdomTree.
Shift in GBTC Outflows towards Newborn Nine ETFs
Bloomberg ETF analyst Eric Balchunas notes a shift in the percentage of GBTC outflows going towards the “Newborn Nine” Bitcoin ETFs. Initially estimated at 10%, Balchunas now believes it is closer to 35%, particularly driven by retirement accounts where tax considerations are less significant.
Resilience of Newborn Nine Bitcoin ETFs
Balchunas observes that the “Newborn Nine” Bitcoin ETFs have demonstrated resilience by bucking the typical trend of decreasing trading volume after launch. On the fifth day of trading, these ETFs saw a 34% increase in volume.
Strong Trading Activity in Bitcoin ETFs
Bloomberg analyst James Seyffart reports robust trading activity in Bitcoin ETFs, with today’s volume exceeding $2 billion. Grayscale Bitcoin Trust (GBTC) still contributes slightly more than half of this volume at $1.013 billion.
Seyffart also notes that Fidelity’s trading volume has surpassed BlackRock’s for the second consecutive day, and speculates that 35% of GBTC outflows have been directed towards other spot Bitcoin ETFs.
Hot Take: Investors Show Confidence in Bitcoin ETFs
The significant accumulation of BTC by Bitcoin ETF issuers and the sustained high trading activity in these funds indicate a strong interest and confidence from investors. The “Newborn Nine” Bitcoin ETFs have proven their resilience by maintaining trading volume and attracting inflows from GBTC. This shift in investor preference towards ETFs signals a growing acceptance and adoption of cryptocurrency investment vehicles. With the continued development and expansion of the crypto market, it will be interesting to see how these ETFs perform and evolve in the future.
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