Bitcoin ETFs Amass 95,000 BTC in Lightning-Fast 6-Day Surge (crypto-news-flash)
- Bitcoin ETFs have gathered an unprecedented 95,000 BTC in just 6 days, showcasing a rapid and historic movement in the cryptocurrency market.
- Despite the bullish trend in ETF accumulation, BTC price has seen a 15% decrease since the ETF approval, dropping from $48,000 to $41,200.
Eric Balchunas, a senior ETF analyst at Bloomberg, has indicated that only a minor portion of the outflows from the Grayscale Bitcoin Trust (GBTC) are likely moving to Nine, as much of it involved FTX and traders who capitalized on the discount. He also noted that the proportionality of the flows relative to the size of the firm is strikingly precise, suggesting that these movements are influenced by factors such as reach, distribution, and hustle.
In a remarkable development, Bitcoin ETFs have accumulated 95,000 BTC within a mere six days. This historic and rapid accumulation signals a bullish future for Bitcoin ETFs. However, it’s noteworthy that since the approval of the Bitcoin ETF, the price of BTC has experienced a 15% decline, falling from $48,000 to $41,200.
This trend is further highlighted by the capital shifts observed in the cryptocurrency market. The influx of capital into the newly launched Bitcoin ETFs has exceeded the outflows from GBTC. In the first six days of trading, GBTC’s assets under management diminished by $2.8 billion.
Adding to this narrative, Eric Balchunas recently tweeted that among the Bitcoin ETFs, Fidelity’s Bitcoin ETF (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have each attracted over $1.2 billion in inflows. While FBTC has a marginally higher inflow, IBIT leads in terms of assets under management (AUM), boasting $1.4 billion compared to Fidelity’s nearly $1.3 billion.
LATEST: Despite $GBTC seeing a -$590m outflow gash friday, The Nine overwhelmed it w/ +$623m (3rd best day), $IBIT & $FBTC both >$200m while $BTCO & $HODL had their best hauls to date. TOT NET FLOWS stand at +$1.2b as Nine’s aum hit $4b vs GBTC’s -$2.8b, upping aum share to 14%. pic.twitter.com/nB57H8Ro8s
— Eric Balchunas (@EricBalchunas) January 20, 2024
Contrary to CNF’s previous update, Spot Bitcoin ETFs have had a remarkable start, trading nearly $10 billion in just three days. According to the latest market update, Bitcoin is currently trading at $40,724.90. As per the latest market update, Bitcoin is trading at $40,724.90. This reflects a 2.23% decrease in the last day, and a 2.78% decrease over the past week. For a detailed view, refer to the chart below.
from RSS Cryptocurrency News feed https://www.crypto-news-flash.com/bitcoin-etfs-amass-95000-btc-in-lightning-fast-6-day-surge/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-etfs-amass-95000-btc-in-lightning-fast-6-day-surge