The Spot Bitcoin exchange-traded fund (ETF) issuer added an additional net 10,667 Bitcoin (BTC) to its crypto stack on the fifth business day amid rising trading volumes.
Data compiled by X (formerly Twitter) account CC15Capital on January 17 shows that by the end of the day, a net amount of $440 million in Bitcoin had been added to their holdings. BlackRock ETF accounted for the majority of the purchases at 8,700 BTC (worth approximately $358 million).
The data also shows that nine ETFs (excluding Grayscale) have purchased approximately 68,500 BTC since inception, currently worth approximately $2.8 billion.
Recent ETF-backed Bitcoin buying was partially offset by the following factors: The outflow from the Grayscale Bitcoin Trust (GBTC) continues, with 10,824 BTC worth approximately $445 million leaked. Approximately 38,000 BTC has flown out of GBTC since it was converted into a spot ETF on January 11th.
30,496 #bitcoin Purchased since the ETF was released.
except $GBTC (selling due to higher fees compared to others), 9 ETFs bought 68,442 $BTC – A surprisingly large number.
Only 900 #bitcoin Mined daily (reduced to 450 pieces per day in April)
— CC15 Capital (@Capital15C) January 18, 2024
Meanwhile, data shared by Bloomberg ETF analyst Eric Balciunas shows that the “Newborn Nine” (his nickname for the new spot Bitcoin ETF excluding GBTC) had a daily It highlighted a 34% increase in trading volume.
This is interesting. In fact, Newborn Nine's trading volume increased by 34% today compared to yesterday. Typically, hyped launches see a steady decline in volume each day after launch, but we rarely see that reversed. All but one went up, but GBTC remained flat and there was no volatility… pic.twitter.com/f6xOsLRWjr
— Eric Balchunas (@EricBalchunas) January 18, 2024
“Typically in a hyped launch we see a steady decline in volume each day after launch, but it's rare to see that reversed,” he added.
However, it should be noted that data on Bitcoin purchases reported by ETF managers lags compared to each fund's trading volume figures due to delays in purchase settlement.
Investors are flooding into new funds, with BlackRock and Fidelity Bitcoin ETFs each worth more than $1 billion as of the close of trading on January 18, according to data from Bloomberg ETF analyst James Seifert. assets under management are recorded.
Day 5 #bitcoin Latest information on ETF Coin Tacky Derby.waiting for data from $IBIT/Blackrock and $BRRR/ Valkyrie.but $GBTC There was also a major outflow of $582 million. His total disbursements from GBTC to date are $2.2 billion. pic.twitter.com/XxXfyJCA60
— James Seyffert (@JSeyff) January 19, 2024
Balchunas also noted that the BlackRock and Fidelity Bitcoin ETFs rank fourth and fifth in terms of weekly capital inflows across all U.S. ETFs, mirroring the returns of the S&P 500 index of 500 largest publicly traded U.S. companies. He pointed out that the index was lower than only the Vanguard 500 Index Fund ETF. .
Another way to put Bitcoin ETF flows into an ETF context (besides viewing the flows) #s Comparison with past new launches) is a stack-up with all ETFs in flows over the past week. Four days later, two of those horses are in the top five and three are in the top 10, which puts them at the top of the stud ranks. $VOO, $QQQ other. pic.twitter.com/oduhktEqwG
— Eric Balchunas (@EricBalchunas) January 18, 2024
Related: Gary Gensler endorsed ETFs, now he's fighting back
CC15 Capital too share Bitwise is so far the only asset manager to report its Bitcoin holdings on January 18, showing that it added an additional 491 BTC that day.
“Today we added $20 million to BITB,” Bitwise CEO Hunter Horsley wrote in a Jan. 18 post on X. “We appreciate the trust placed in our clients to manage their assets.”
Today, +$20,000,000 was added to BITB.
Purchased Bitcoin efficiently.
390 million in the last five days.
Thank you for trusting us to manage your client's assets.
[BITB disclosures & prospectus: https://t.co/PhSsPpDY7h]
— Hunter Horsley (@HHorsley) January 19, 2024
Bitcoin is down less than 1% since January 17th, but has fallen more than 3.5% in the past 24 hours. According to Cointelegraph Market Pro.
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