The recently launched Spot Bitcoin Exchange Traded Fund (ETF) has completed its first 20 trading sessions, reaching the $10 billion milestone in assets under management (AUM).
Net flows across nine ETFs reached $2.7 billion on January 9, led by BlackRock’s IBIT fund, which currently holds $4 billion worth of Bitcoin (BTC), according to BitMEX Research data. did. In second place is Fidelity’s FBTC, which manages over $3.4 billion in BTC.
ARK 21Shares fund also reached He has reached the $1 billion milestone and has about $1 billion worth of Bitcoin in his portfolio. Meanwhile, Grayscale’s GBTC outflow amounted to $6.3 billion in the past 30 days. The fund recorded outflows of $51.8 million on February 9, the lowest daily withdrawals since the conversion.
“I thought Nine would weaken a bit as GBTC outflows subside, but it’s gaining momentum,” Bloomberg analyst Eric Balchunas wrote on X (formerly Twitter).
Bitcoin ETF Flow – February 9th
All data has been output. Good day with $541.5 million in net inflows
Invesco has reached its leak date, becoming the first non-GBTC product to do so. pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
Bitcoin ETF flows are expected to increase over the coming months as trading companies complete due diligence on investment vehicles.
According to a recent analysis by ARK Invest, Bitcoin price broke above technical support in January “including the 200-day moving average ($29,902) and on-chain average ($33,487).” Over the month, the cryptocurrency price increased by 0.6% to $42,585.
ARK Invest’s bullish view is that Bitcoin is replacing gold as a risk-off asset. “The price of Bitcoin compared to gold has increased 20 times over the past seven years. Bitcoin will buy approximately 20 troy ounces of gold in January 2024, compared to 1 troy ounce in April 2017. It is possible that this can be done,” the analysis says. “We believe this trend should continue as Bitcoin increases its role in financial markets.”
Considering the macroeconomic environment, the asset manager predicts that “Bitcoin should remain antifragile as banks continue to lose deposits as inflation slows and real interest rates rise.” There is.
On January 10, more than a decade after Cameron and Tyler Winklevoss filed to launch a Bitcoin ETF, the U.S. Securities and Exchange Commission (SEC) announced that ARK 21Shares, Invesco Galaxy, Approved Bitcoin ETF applications by VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, and Grayscale. Winklevoss His Bitcoin Trust in 2013.
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