Nine Bitcoin ETF Issuers Accumulate $4 Billion Worth of BTC in Less Than Two Weeks
Nine Bitcoin exchange-traded fund (ETF) issuers have acquired a significant amount of Bitcoin (BTC) just two weeks after their launch, according to Bloomberg analyst Eric Balchunas. He reveals that these nine issuers, including Fidelity, iShares, Invesco, ARK/21Shares, Bitwise, VanEck, WisdomTree, Valkyrie, and Franklin Templeton, collectively hold 95,297.2 BTC worth around $4 billion as of January 19th.
iShares leads the pack with 33,706 BTC worth over $1.4 billion, followed by Fidelity with 30,384 BTC worth $1.262 billion. Bitwise holds 10,235 BTC worth $425.4 million and ARK/21Shares has accumulated 9,134.2 BTC valued at $379.6 million.
Other firms on the list include Invesco with 6,192.8 BTC worth $257.4 million, VanEck with 2,566.9 BTC worth $106.7 million, Valkyrie with 1,726.5 BTC valued at $71.7 million, Franklin Templeton with 1,169.5 BTC worth $48.6 million, and WisdomTree with 182.1 BTC valued at $7.6 million.
Bitcoin ETFs Outpace Selling of Grayscale
Balchunas notes that the buying activities of these nine Bitcoin ETF issuers have been exceeding the selling of Grayscale’s crypto product GBTC. Despite a significant outflow of -$590 million from GBTC on Friday, the nine issuers managed to surpass it with an inflow of +$623 million. Balchunas states that the total net flows amount to +$1.2 billion, with the nine issuers’ assets under management (AUM) reaching $4 billion compared to GBTC’s -$2.8 billion, giving them a 14% AUM share.
The main sellers of GBTC are FTX and traders who purchased shares last year when the fund was trading at a deep discount.
Hot Take: Bitcoin ETFs Gain Momentum
Nine Bitcoin ETF issuers have swiftly accumulated $4 billion worth of BTC in less than two weeks after their launch. These institutions, including Fidelity, iShares, and Invesco, have been actively buying Bitcoin and now collectively hold over 95,000 BTC. This surge in demand for Bitcoin ETFs has outpaced the selling activities of Grayscale’s GBTC product. The strong inflow of funds into these ETFs indicates growing institutional interest in cryptocurrencies and further establishes Bitcoin as a mainstream investment asset.
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