New ETFs Accumulate 134,000 BTC
According to CC15Capital, nine newly launched funds have bought around 134,000 BTC since January 11. This stash is valued at approximately $5.6 billion. However, these figures do not include outflows from Grayscale.
GBTC Holders Dump Shares
GBTC holders have been rebalancing their portfolios to funds with lower fees and better yields, resulting in selling pressure on spot markets. After 10 trading days, the outflows from GBTC appear to be slowing, with only $255 million or around 6,000 BTC in outflows on January 26.
BlackRock’s Bitcoin Trust Fund Gains Momentum
Friday saw significant volume for BlackRock’s iShares Bitcoin Trust (IBIT) fund, with $480 million in volume. This indicates that other ETFs are catching up to GBTC in terms of liquidity.
Larry Fink Becomes a Bitcoin Promoter
Chairman and CEO of BlackRock, Larry Fink, has become a prominent promoter of Bitcoin. This is a notable change in tune from his fellow Wall Street CEOs.
New Players Entering ETF Race
Schwab, a brokerage and investment giant with $8.5 trillion in assets under management, is expected to join the spot Bitcoin ETF race. They are unlikely to let Fidelity control the crypto narrative.
Hot Take: Growing Interest in Bitcoin ETFs
The launch of new funds and the accumulation of BTC by these funds indicate growing interest in Bitcoin ETFs. As more players enter the market and traditional financial giants like BlackRock and Schwab get involved, the potential for further adoption and mainstream acceptance of cryptocurrencies increases.
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