Newly Launched Bitcoin ETFs Amass 216,309 BTC in Just 21 Days
In just 21 days since their launch, nine newly introduced spot Bitcoin ETFs have accumulated a total of 216,309 Bitcoins, valued at $10.3 billion. This surpasses the holdings of MicroStrategy, who own 190,000 BTC and began accumulating the asset in August 2020.
Bitcoin ETFs Control Nearly 1% of Total Bitcoin Supply
The ETFs – BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Valkyrie (BRRR), Franklin Templeton (EZBC), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), and WisdomTree (BTCW) – now collectively control almost 1% of the total Bitcoin supply. This supply is capped at 21 million BTC.
Positive Impact of ETFs on Bitcoin Price
The launch of spot Bitcoin ETFs on January 10 had a significant impact on the price of Bitcoin. Initially, there was a sharp decline as investors sold their Bitcoin to acquire ETF shares. However, this was followed by a recovery phase that saw the asset’s price surge. CoinGecko data shows that Bitcoin is currently trading at $48,000, up 12.7% in the last seven days.
Predictions for Bitcoin Price
Ki Young Ju, founder of Crypto Quant, predicts that Bitcoin could reach $112,000 within the year due to ETF inflows. Even in the worst-case scenario, he believes the price will not fall below $55,000. He also expects monthly spot ETF investments to increase by $9.5 billion and contribute to an annual realized cap increase of $114 billion.
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