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The AUM of all BTC ETFs have dumped below $50 billion.
Sustained outflows from US Bitcoin ETFs signal waning investor confidence and could exacerbate market volatility and price declines.
The post US Bitcoin ETFs hit 7-day losing streak, outflows surpass $1 billion appeared first on Crypto Briefing.
Declining trading volumes and slowing ETF inflows could set the stage for a correction below $50,000 before a rally to new highs.
U.S. spot Bitcoin ETFs experienced significant outflows yesterday, totaling $287 million, with BlackRock being the only exception, reporting no withdrawals.
The carbon-offset Bitcoin ETF has been waiting on regulators since December 2023.
Post-Labor Day Bitcoin ETF outflows highlight investor caution and potential volatility in the cryptocurrency market, impacting fund stability.
The post US Bitcoin ETFs bleed $288 million post-Labor Day weekend appeared first on Crypto Briefing.
Investors piled into Bitcoin investment funds and crypto ETPs, with more than $1 billion in inflows over the last week.
Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States, with the issuers buying hundreds of thousands of BTC as their popularity spread. This has led to a large stash of BTC by these issuers as BlackRock leads the charge. Given their buying spree so far, the number of BTC being held by the Spot Bitcoin ETFs has been rising and is almost at the 1 million mark, Spot Bitcoin ETFs Now Hold 924,768 BTC The United States Securities and Exchange Commission approved a total of 12 Spot Bitcoin ETFs for trading back in January 2024. Now, only eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply. Combined, this makes the Spot Bitcoin ETFs some of the largest BTC holders. Related Reading: Ripple Vs. SEC Battle Far From Over As Regulator Opposes Courts Decision So far, the BlackRock IBIT has been one of the largest buyers of BTC, surpassing even Grayscales GBTC, which had a 600,000 BTC head start. Currently, Grayscale holds more than 350,000 BTC, making the firm a top Bitcoin holder. Grayscale is still in second place when it comes to the number of BTC held. However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stash before the Spot Bitcoin ETF approvals. Now, Grayscale holds less than 250,000 BTC after losing more than $20 billion to other Spot Bitcoin ETFs due to their lower fees. Other Spot Bitcoin ETFs such as the Fidelity FBTC and the Ark Invest/21Shares ARKB has reached almost 50,000 BTC. So far, the funds have been able to garner 924,768 BTC, putting their total holdings very close to the 1 million BTC milestone. In total, the Spot Bitcoin ETFs now boast 4.685 of the total Bitcoin supply. Top Addresses With Largest Holdings The top Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet with 1.1 million BTC in it. However, this wallet has been long dormant, and often left out of the top Bitcoin wallets list due to its inactivity. Related Reading: ETH Rally Pushes Profitability To Nearly 70%: More To Come This Week? According to the BitInfoCharts website, topping the Bitcoin rich list is the Binance old wallet with 248,598 BTC worth over $16.3 billion. Next is the Bitfinex Hack Recovery wallet with 94,643 BTC, with $6.2 billion. The Mt Gox Hack wallet holds 79,957 BTC for the third-largest at $5.2 billion. The wallet holding the BTC confiscated from the Silk Road bust with 69,370 BTC is in fourth position worth $4.56 billion, and the Binance BTCB Reserve wallet has 68,200 BTC in it, worth $4.49 billion. Featured image created with Dall.E, chart from Tradingview.com
Even the spot Ethereum ETFs recorded impressive net inflows over the last trading week.
Options trading for spot Bitcoin ETFs could increase liquidity in the ecosystem but also spike the paper supply of BTC as investors avoid the spot market.
Cryptocurrency ETFs saw inflows exceeding $20 billion in 2024, according to Morningstar.
The ETFs add leverage to MicroStrategys already levered-up Bitcoin strategy, and investors cant seem to get enough.
Popular crypto analyst Kripto Mevsimi highlights how the introduction of spot Bitcoin ETFs is influencing BTCs transformation into a more…
The post Expert Highlights How Spot Bitcoin ETFs are Transforming BTC Into a Mature Asset first appeared on The Crypto Basic.
BlackRock's Bitcoin ETF saw the highest daily inflow of any fund this month on Sept. 25, amid a wider five-day inflow streak across all spot Bitcoin ETFs in the United States.
In less than nine months since the launch of its Bitcoin exchange-traded fund (ETF) following the approval of these investment vehicles by the US Securities and Exchange Commission (SEC), asset manager BlackRock has established itself as the world’s largest Bitcoin fund. A Tale Of Two Titans In Bitcoin And Ethereum Holdings According to on-chain data from blockchain analysis platform Arkham, BlackRock has aggressively expanded its Bitcoin holdings through its ETF, known as IBIT over the last months. Despite recent market volatility that saw significant dips in Bitcoin’s price on August 5 and September 6, BlackRock continued to buy more Bitcoin, thereby supporting not only the tokens value but also its own asset base. Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon? As of September 25, BlackRock’s holdings have reached approximately 358,000 BTC, valued at around $22.76 billion, representing about 1.70% of Bitcoin’s total supply of 21 million. In comparison, BlackRock’s Bitcoin holdings exceed those of Grayscale, another major crypto asset manager in the industry, by nearly 100,000 BTC. Grayscale currently holds approximately 258,671 BTC, valued at $16.45 billion, highlighting the significant gap that BlackRock has created in the BTC investment landscape. While BlackRock has taken a commanding lead in Bitcoin, Grayscale maintains an advantage in Ethereum (ETH) holdings. Arkham’s data indicates that Grayscale possesses 2.104 million ETH, valued at roughly $5.45 billion based on the current trading price of $2,600 per ETH. In contrast, BlackRock’s Ethereum holdings amount to only 349,970 ETH, valued at approximately $910 million. BlackRock Strengthens Bitcoin Stance BlackRocks support for Bitcoin extends beyond mere investment; it includes a strong endorsement of the technology underpinning the cryptocurrency. In a recent interview with Bloomberg, Robbie Mitchnick, head of digital assets at BlackRock, challenged the prevailing notion that Bitcoin should be categorized as a risk-on asset. During Tuesday’s interview, Mitchnick noted that while Bitcoin has recently shown a high correlation with US equities, this relationship may be misleading. The head of digital assets at BlackRock noted that risk-on assets, such as stocks, commodities, and high-yield bonds, perform well during periods of market optimism and economic growth. Conversely, assets like gold are sought after in times of uncertainty, providing a safe haven for investors. Mitchnick drew parallels between Bitcoin and gold, saying “gold shows a lot of the same patterns”, referring to their temporary correlations with equities. He emphasized that the long-term correlation between BTC and traditional financial assets is close to zero. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle Analyst Reveals $160 Target On Breakout One of BTC’s defining characteristics is its decentralized nature, Mitchnick added. No single country or government controls it, he said, which adds to its appeal as a global monetary alternative. Mitchnick went on to highlight Bitcoin’s scarcity, global reach and decentralized framework, describing it as a “non-sovereign asset”. He pointed out that BTC has no specific country risk and no counterparty risk, making it a compelling option for investors looking to diversify their portfolios. At the time of writing, the largest cryptocurrency on the market has given back some of the gains made during Tuesday’s trading session, after hitting a one-month high of $64,700. Currently, BTC is trading at $63,220, down a slight 0.3% over the 24-hour period. Featured image from DALL-E, chart from TradingView.com
Lower interest rates and accelerating crypto adoption are spurring more financial institutions to try Bitcoin-backed lending.
Bitwises head of alpha strategies has suggested that these products could set the stage for enormous upside volatility in the BTC price.
The post MicroStrategy Outshines BlackRocks IBITUnbelievable Market Shift appeared first on Coinpedia Fintech News
The launch of BlackRocks iShares Bitcoin Trust was sensational and marked the beginning of a new trend in the cryptocurrency industry. IBIT now has the highest assets under management of $17.24B and the highest market cap of $23.02B. At the start of the IBIT, the price was around $27.96, and it now stands at $36.64. …
This comes despite the SEC recently approving options trading for BlackRocks iShares Bitcoin Trust (IBIT), which marked a significant development for spot Bitcoin ETFs.
A more sustained run of spot Bitcoin ETF inflows may counteract Bitcoin spot market buying slowing, says Bitfinex analysts.
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