BlackRock and Fidelity Accumulation Stat
When it comes to the accumulation of spot Bitcoin ETFs, most people overlook the rate at which they are being acquired. For example, MicroStrategy (MSTR) recently purchased 14,600 BTC and 16,100 BTC in two separate acquisitions. In comparison, BlackRock’s spot Bitcoin ETF IBIT has an average daily acquisition of $200 million, equivalent to 4,700 BTC. Fidelity Investments’ FBTC records an average daily acquisition of approximately $175 million, equivalent to 4,200 BTC. Combined, IBIT/FBTC acquire around 9,000 Bitcoin per day. This shows that in just two days, these two ETF issuers acquire as much as MicroStrategy does in a month.
Out of the 9,000 Bitcoin acquired by IBIT/FBTC, mining only accounts for 900 units per day, which is just 10% of the total daily acquisition. This means that the demand from BlackRock and Fidelity alone is ten times the current supply. In the next three months when the supply is expected to be cut in half, the demand will likely become twenty times the supply.
It’s important to note that this demand is only from two spot Bitcoin ETFs and doesn’t include the entire batch approved by the U.S. SEC. Additionally, other assets like MSTR and Tether are also in the accumulation phase. Samson Mow advises investors to plan accordingly.
Spot Bitcoin ETF Gaining Attention
In addition to the accumulation statistics mentioned above, there have been significant events surrounding spot Bitcoin ETFs since their approval. Grayscale GBTC outflows are still ongoing but have dipped compared to the initial stage. So far, GBTC outflows have reached a total of $2.2 billion.
The launch of spot Bitcoin ETFs in the U.S. has sparked interest globally. Hong Kong is working on releasing and approving its own version of spot crypto ETFs, highlighting the attention this product is receiving. Harvest Hong Kong, one of China’s largest fund companies, has applied for a spot BTC ETF approval from the Securities and Futures Commission (SFC). In the coming weeks, more regulators may show interest in supporting this product as a way to attract institutional capital.
Hot Take: Spot Bitcoin ETFs Fueling Massive Accumulation
The recent approval of spot Bitcoin ETFs by the U.S. SEC has led to a surge in accumulation by major players like BlackRock and Fidelity. These institutions are acquiring thousands of Bitcoin daily, far surpassing the current supply. As demand continues to outpace supply, the price of Bitcoin is expected to rise significantly in the coming months. This trend is not limited to these two ETF issuers; other corporations and even nation-states are also accumulating Bitcoin. The launch of spot Bitcoin ETFs has brought a new level of attention and activity to the crypto market, with global regulators showing interest in supporting this innovative investment product.
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