U.S. Spot Bitcoin ETFs See Record $287 Million in Outflows, Except BlackRock

U.S. spot Bitcoin ETFs experienced significant outflows yesterday, totaling $287 million, with BlackRock being the only exception, reporting no withdrawals.

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US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi

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

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Expert Highlights How Spot Bitcoin ETFs are Transforming BTC Into a Mature Asset 

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.

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BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion

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

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SEC Approves Options Trading on BlackRocks Spot Bitcoin ETF IBIT

The SEC has approved the listing and trading of options on BlackRock's iShares Bitcoin Trust, marking a significant milestone for Bitcoin integration in traditional finance.

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Crypto exchange volumes reflect Bitcoin traders reduced trading appetite Glassnode 

Glassnode data highlights a notable decline in trade activity over the last quarter, but traders are hopeful that Q4 will bring a sharp trend reversal. 

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Spot Bitcoin ETFs Saw Largest Inflows in Two Weeks

Bitcoin spot ETFs saw their largest inflows in 2 weeks on Thursday, totaling $192.5M. The inflows helped push Bitcoin back above $60K after dipping below $50K earlier this week.

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The Bitcoin bottom is not in BTC traders set price targets in low $40K range

Crypto traders appear to agree that todays market rout is far from over.

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Europe's Fourth Largest Investment Manager Discloses $500M in Spot Bitcoin ETFs Amid Market Volatility

The firm reported owning large amounts of BlackRock and Fidelity's Bitcoin ETFs.

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Australian Spot Bitcoin ETF Keeps on Buying

While U.S. Bitcoin ETFs face outflows, Australia's spot Bitcoin ETFs continue steadily accumulating BTC holdings. The ongoing inflows highlight growing mainstream Bitcoin demand in the region.

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BlackRock's Bitcoin ETF Saw Highest Inflow in Over a Month

BlackRock's spot Bitcoin ETF saw its largest single-day inflow in over a month on Monday, taking in $224 million amid a slight Bitcoin pullback. The sizable injection extends an 8-day streak of net inflows into US spot Bitcoin ETFs.

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Hong Kong Bitcoin ETFs Hits HK $2 Billion in AUM

The 3 Hong Kong spot Bitcoin ETFs surpassed HK$2 billion ($272M) in assets under management since launching this year. The growth shows increasing institutional appetite for regulated Bitcoin products in Asia.

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US Bitcoin ETFs Saw the Sixth Consecutive Day of Inflows

US spot Bitcoin ETFs saw their sixth consecutive day of net inflows totalling around $65 million, highlighting growing mainstream institutional demand. BlackRock's IBIT led the day with $75.5 million in inflows.

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Hong Kong Spot Bitcoin ETFs Saw Highest Inflows in a Month

Hong Kong's Spot Bitcoin ETFs saw their largest inflow in over a month, with the ChinaAMC Bitcoin ETF taking in 274 BTC worth $15M. The steady climb in assets shows growing Asian interest in regulated Bitcoin investment products.

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Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst

Bitcoin remains volatile at spot rates. Despite the spectacular recovery yesterday, August 1, the downtrend remains, at least for now. Specifically, looking at the candlestick arrangement in the daily chart, there could be more growth once prices break $70,000. Before then, traders are closely monitoring price action aware that there could be more losses, pushing the coin below $60,000. Amid this, some analysts are bullish in the long term, ignoring short-term price volatility. Bitcoin Remains Bullish Despite Recent Price Drops In a post on X, Willy Woo, an on-chain analyst, said that though bears might succeed in the short to medium term, unwinding gains and progress made in the first half of the year, the path of least resistance in the long term remains northward. Related Reading: Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5 As on-chain data reveals increased movement among long-term holders (LTHs), shifting coins to top exchanges could heap more pressure on prices. Even so, Woo thinks that in the years to come, Bitcoin could range between $700,000 in the lower level and as high as $24 million, assuming it finds maximum adoption. The analyst said this bullish prediction is primarily based on the bullish assumption that Bitcoin would capture anywhere between 3% and 100% of the global wealth, which stands at over $500 trillion. Woo says the lower limit, 3%, is the upper bound of the recommended exposure laid out by Fidelity for institutions seeking to invest in the world’s most valuable coin. If most institutions allocate just 3% of their portfolio to Bitcoin via derivatives as spot ETFs, the probability of the coin soaring to $700,000 will be high. On the other hand, assuming everyone chooses to move their wealth to Bitcoin, divesting from the current traditional portfolios and choosing BTC, then the coin will explode to as high as $24 million. This assumption is, even according to Woo, improbable but cannot be discounted. BTC Is Transitioning, Spot ETFs Crucial For Growth Woo, in the post on X, said at spot rates, Bitcoin is in a transition. Looking at adoption charts, the coin is moving from the early to late majority adoption. Though in the nascent stages, a successful, hitch-free evolution will be crucial in driving prices even higher. Related Reading: Why XRP Price Wont Skyrocket After Ripple-SEC Ruling: Crypto Pundit The key driver and catalyst of adoption in this vital stage will be the adoption of spot Bitcoin ETFs. Since the United States Securities and Exchange Commission (SEC) approved this derivative product, one analyst has picked a direct correlation between bullish swings and inflows into spot ETFs. For this reason, how institutions perceive BTC and allocate funds will be critical. Feature image from Canva, chart from TradingView

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Bitwise Acquires ETC Group, Europe's Largest Physical Bitcoin ETP Issuer

Bitwise Asset Management's acquisition of ETC Group marks its significant entry into the European market, adding over $1 billion in Bitcoin and crypto assets.

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Adviser holdings in Bitcoin ETFs rise, hedge fund stakes dip Coinbase

Investment advisers are expanding their spot Bitcoin ETF holdings, but Coinbase warns that large inflows might not be seen immediately due to the slow summer period in the United States.

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Institutional Inflows to Bitcoin ETFs Show Promising Indicator, Says Coinbase Report

Coinbase's latest report highlights a rise in institutional inflows into U.S. spot Bitcoin ETFs, signaling growing interest from the investment advisor sector despite recent market downturns.

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Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs

Despite the muted performance of Bitcoin in recent months, the 13-F filings for the spot exchange-traded funds (ETFs) paint a bullish picture for the BTC price. Bitwise Chief Investment Officer (CIO) Matt Hougan has shared a recap of the three most interesting takeaways from the Q2 filings via X. His findings underscore a growing and sustained institutional interest in Bitcoin, pointing towards an bullish outlook. #1 Increased Institutional Bitcoin Adoption Hougan highlights an impressive rise in institutional engagement with Bitcoin ETFs during the second quarter of the year. He reported, “I count 1,924 holder<>ETF pairs across all 10 ETFs, up from 1,479 in Q1. That’s a 30% increase; not bad considering prices fell in Q2.” This data suggests that institutional investors are increasingly viewing Bitcoin as a viable asset class, even amidst price declines, indicating a long-term commitment rather than speculative short-term plays. Related Reading: Unveiling The Strategic Advantages Of A Bitcoin Reserve For The US Economy Hougan concludes, Of course, this does not mean 1,924 institutions own bitcoin ETFs; some investors report positions in multiple ETFs. But that “double-counting” aspect is equally true of the Q1 and Q2 numbers, so the percentage increase is still telling. My takeaway: Institutional investors continued to adopt bitcoin ETFs in Q2. The trend is intact. #2 Institutional Investors Are HODLers The holding patterns within these filings reveal that a substantial portion of institutional investors remained committed to their Bitcoin ETF holdings, reflecting a resilient stance against the market’s volatility. “Among Q1 filers, 44% increased their position in bitcoin ETFs in Q2, 22% held steady, 21% decreased their position, and 13% exited,” said Hougan. These figures are particularly telling because they demonstrate that more than two-thirds of the institutions either maintained or increased their exposure to Bitcoin ETFs during a period of significant price fluctuations. Hougan interprets this data as a sign that institutional investors possess “diamond hands,” a colloquial term used within the community to describe holders who do not sell their holdings despite pressure or market downturns. Related Reading: Bitcoin Price Set To Surge With $2.5 Billion Stablecoin Inflows: Research Firm Hougan added, If you thought institutional investors would panic at the first sign of volatility, the data suggest otherwise. They’re pretty steady. #3 Broad Investor Base The analysis by Hougan also highlights the diverse array of investors participating in Bitcoin ETFs. Major hedge funds like Millennium, Schonfeld, Boothbay, and Capula are prominently featured among the top holders. However, the presence of advisors, family offices, and other institutional investors such as the State of Wisconsin is particularly notable. “ETFs are a big tent that attract a wide variety of investors. It’s kind of great to see Millennium nestled up against the State of Wisconsin in these ETF filings. Over time, I’d like to see wealth managers and pensions account for a growing share,” Hougan remarked. Yesterday it became public that the Wisconsin Pension Fund has increased its Bitcoin ETF holdings. In an SEC filing, the State of Wisconsin Investment Board reported owning 2,898,051 shares of the iShares Bitcoin Trust as of June 30 (worth $98.9 million as of that date). This is an increase from the 2,450,400 shares Wisconsin had previously reported in May. At press time, BTC traded at $58,035. Featured image created with DALL.E, chart from TradingView.com

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Goldman Sachs Holds Over $400M in Spot Bitcoin ETFs

Goldman Sachs revealed over $400M in spot Bitcoin ETF holdings, signaling the investment bank's growing appetite for Bitcoin exposure. Major financial firms increasingly embrace Bitcoin products.

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