Home CryptocurrencyAltcoin Bitcoin Spot ETFs Gain Another 10,600 BTC on the 5th

Bitcoin Spot ETFs Gain Another 10,600 BTC on the 5th

by SuperiorInvest

Bitcoin spot exchange-traded fund (ETF) issuers added another net 10,667 Bitcoin (BTC) to their cryptocurrency stacks on their fifth day of trading amid rising trading volumes.

Data compiled by X’s (formerly Twitter) CC15Capital account for January 17 shows a net $440 million in Bitcoin was added to its holdings by the end of the day. The BlackRock ETF accounted for the majority of the purchases with 8,700 BTC, worth almost $358 million.

The data also shows that nine ETFs (excluding Grayscale) have purchased almost 68,500 BTC since their launch, currently worth around $2.8 billion.

Recent ETF-linked Bitcoin purchases were partially offset by continued outflows from the Grayscale Bitcoin Trust (GBTC), with 10,824 BTC worth approximately $445 million downloaded. Nearly 38,000 BTC have left GBTC since it became a spot ETF on January 11.

Meanwhile, data shared by Bloomberg ETF analyst Eric Balchunas highlighted that the “Newborn Nine,” his nickname for new spot Bitcoin ETFs excluding GBTC, saw a 34% increase in daily volume. starting on the fifth day of trading.

“Typically, with a hyped launch, you see the volume steadily decrease each day after the launch, but it’s rare to see it go back up,” he added.

However, it is worth noting that the data on Bitcoin purchases, as reported by ETF managers, lags behind the trading volume figures for each fund due to delays in clearing purchases.

With investors piling into the new funds, BlackRock and Fidelity’s Bitcoin ETFs each had more than $1 billion in assets under management as of the close of trading on Jan. 18, according to data from Bloomberg ETF analyst James Seyffart. .

Balchunas also noted that BlackRock and Fidelity’s Bitcoin ETFs rank fourth and fifth for weekly inflows across all U.S. ETFs, behind only the Vanguard 500 Index Fund ETF, which aims to reflect the returns of the S&P 500 index of the 500 largest public companies in the US.

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CC15Capital too shared That Bitwise, so far, is the only asset manager to report its Bitcoin holdings for January 18, which showed it added another 491 BTC that day.

“+$20,000,000 in BITB today,” Bitwise CEO Hunter Horsley wrote in a Jan. 18 X post. “Grateful for the trust to manage the client’s assets.”

Bitcoin saw a decline of less than 1% from January 17, but has seen a drop of more than $3.5% in the last 24 hours. according to Cointelegraph Markets Pro.

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