Grayscale's Bitcoin (BTC) exchange-traded fund (ETF) released more than 80,000 BTC in just a few days after lunch trading, while nine other spot BTC exchange-traded funds (ETFs) released more than 100,000 BTC. Piled up.
According to ETF data tracked by Cointelegraph, there are nine Bitcoin spot ETFs, including Bitcoin ETFs such as BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC). , purchased 102,613 BTC in the first seven days of trading on January 11th. . This amount equates to approximately $4.1 billion at the time of writing. according to To CoinGecko.
The amount of Bitcoin purchased by the Spot Bitcoin ETF in just seven business days accounts for 53% of the total Bitcoin accumulated by giant BTC investor MicroStrategy over the past three years. According to MicroStrategy's latest BTC acquisition report, the company held Total 189,150 BTC as of December 26, 2023.
MicroStrategy surpassed the 100,000 BTC mark in about 300 days after starting to purchase Bitcoin in August 2020, and announced in June 2021 that it held 105,085 BTC.
Nine #bitcoin The ETF accumulated over 100,000 BTC in just 7 days of trading.
Saylor accumulated approximately 190,000 BTC over three years.
Don't underestimate the power of the existing financial class.
They want you to part with your Bitcoin.
We're not selling shit.
— ₿itcoin Therapist (@TheBTCTherapist) January 23, 2024
According to published data, BlackRock's IBIT and Fidelity's FBTC have become the largest purchasers of Bitcoin among spot BTC ETFs since trading began, amassing 37,304 BTC and 29,232 BTC, respectively. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) followed, purchasing 16,451 BTC and 10,630 BTC, respectively.
Unlike other Bitcoin ETFs, the Grayscale Bitcoin Trust ETF (GBTC), the largest Bitcoin ETF by BTC holdings, has been actively selling BTC since its inception, dumping 82,526 BTC. . This amount equates to approximately $3 billion at the time of writing.
Related: Speculation game on GBTC hemostasis helps push Bitcoin below $39,000
According to data from CoinGecko, the massive GBTC sell-off caused a significant drop in Bitcoin prices, with the cryptocurrency dropping 20% from over $48,000 on January 11 to $38,700 on January 23. It fell sharply recently. At the time of writing, Bitcoin is trading at $39,926, up 1.8% in the past 24 hours.
Some industry insiders have linked the sale of GBTC to the fortunes of the failed FTX cryptocurrency exchange, which dumped $902 million in GBTC stock.
Many analysts also suggested that GBTC's high trading fees triggered the outflow. As previously reported, GBTC charges up to 1.5% in trading fees without any exemptions, while other ETF sponsors set fees between 0.2% and 0.4% and also offer temporary exemptions. I am.
magazine: Coinbase goes to court with SEC, SBF parent seeks dismissal of lawsuit, and Bitcoin ETF: Hodler's Digest, January 14-20
