Spot Bitcoin Etfs Set A Record By Surpassing 100,000 Btc.
- Posted on January 26, 2024 1:09 AM
- Cryipto News
- 241 Views
Nine spot Bitcoin ETFs surpassed the 100,000 BTC threshold in just seven days.
Grayscale's Bitcoin exchange-traded funds (ETFs) sold over 80,000 BTC, contributing to the total surpassing 100,000 BTC with the assistance of the remaining nine Bitcoin ETFs.
According to ETF data tracked by Cointelegraph, nine spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's FBTC product, acquired 102,613 BTC in just seven days since they started trading on January 11. The market value of this BTC amount was recorded at $4.1 billion at the time of writing.
The Bitcoin purchases made by spot Bitcoin ETFs in the first seven trading days alone constitute 53% of all Bitcoin accumulated by MicroStrategy in the last three years. According to MicroStrategy's recent Bitcoin acquisition report, the company holds 189,150 Bitcoins as of December 26, 2023.
MicroStrategy started buying Bitcoin in August 2020, surpassing the 100,000 Bitcoin threshold in about 300 days and reaching 105,085 BTC by June 2021.
Nine #Bitcoin ETFs have amassed over 100,000 BTC in only 7 days of trading. 🤯
— The ₿itcoin Therapist (@TheBTCTherapist) January 23, 2024
Saylor spent 3 years accumulating about 190,000 BTC.
Do not underestimate the power of the incumbent financial class.
They want you to part with your Bitcoin.
WE ARE NOT FUCKING SELLING
Since the initiation of trading, BlackRock's IBIT and Fidelity's FBTC have emerged as the leading BTC acquirers among spot Bitcoin ETF products, accumulating 37,304 BTC and 29,232 BTC, respectively. Following them, other Bitcoin ETFs, Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB), have gathered 16,451 BTC and 10,630 BTC, respectively.
Unlike other Bitcoin ETFs, Grayscale Bitcoin Trust actively engages in Bitcoin sales, having sold 82,526 BTC (approximately valued at $3 billion at the time of writing). The substantial sales of GBTC triggered a decline in Bitcoin, with its value dropping nearly 20% from $48,000 on January 11 to $38,700 on January 23, as per CoinGecko data. As of the time of writing, the asset is trading at $39,926, reflecting a 1.8% increase in the last 24 hours.
Some industry observers attributed a significant portion of GBTC sales to FTX's asset liquidations.
Most analysts contend that the high transaction fees of GBTC triggered the outflows. GBTC charges a fee of 1.5% per transaction, while other ETFs were offered with lower fees ranging from 0.2% to 0.4%.
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