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Spot Bitcoin ETFs Excluding GBTC Have Bought BTC Worth $2.8 Billion Since Launch – Crypto News

Published

1 year ago

January 19, 2024

Dripp

The US-listed spot Bitcoin exchange-traded funds (ETFs) have cumulatively bought about 68,500 Bitcoin (BTC) since their launch, valued at $2.8 billion, according to data provided by X account CC15Capital. Notably, the data doesn’t include numbers for the Grayscale Bitcoin Trust (GBTC), which continued to see outflows on the fifth trading day.

The data also showed that spot Bitcoin issuers saw their Bitcoin holdings rise by another 10,667 BTC on Day 5 of trading — worth over $440 million at Bitcoin’s current price. BlackRock’s ETF, iShares Bitcoin Trust (IBIT), led the acquisition race, adding 8,700 BTC, valued at roughly $358 million.

: Bitcoin Holdings of Spot Bitcoin ETF Issuers As of December 18

Notably, Bitcoin has been under tremendous selling pressure as GBTC continues to see outflows. Traders pulled $580 million out of GBTC on the fifth trading day, CoinGape News reported. Grayscale’s Bitcoin ETF has seen outflows of over $2 billion since its launch on Jan 11, according to data compiled by BitMEX Research.

Bitcoin ETF Trade Volumes Jumped 34% on Day 5

Meanwhile, according to Bloomberg senior ETF analyst Eric Balchunas, the “Newborn Nine” — a term he uses to refer to the nine spot Bitcoin ETFs excluding GBTC — saw a 34% rise in trade volumes on Day 5. “Normally with a hyped-up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up,” Balchunas said in an X post.

In a separate X post, Bitcoin Magazine pointed out that spot Bitcoin ETFs run by BlackRock, Fidelity, and Bitwise were among the top 10 most-traded ETFs in the US over the past week. Furthermore, the asset size of Grayscale and Fidelity’s Bitcoin ETFs had surpassed $1 billion at the close of trading on Jan 18, according to Bloomberg ETF analyst James Seyffart.

Bitcoin Vaults Past Silver in ETF Market

CoinGape News reported earlier that bitcoin ETFs, which were approved in the US just last week, have already amassed $27.5 billion in assets. By comparison, Silver ETFs have $11 billion in assets under management (AUM) while Gold ETFs have $96 billion in AUM.

Driven by the optimism around Bitcoin ETFs, crypto investment products saw inflows of around $1.2 billion in the second week of January, data from CoinGlass showed.

Also Read: Cathie Wood & Elon Musk Bullish On Bitcoin, Ark Buys More ARKB ETF With BITO Holdings