Spot Bitcoin ETFs Surge Makes Record Accumulation Splash

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In a groundbreaking development in cryptocurrency investment, the emergence of newborn U.S. Spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) has shaken the market dynamics within 13 days of trading. Excluding Grayscale Bitcoin Trust (GBTC), these nine ETFs have collectively amassed a staggering 150,000 Bitcoins, equivalent to approximately $6.5 billion in assets under management (AUM).

Nine Spot Bitcoin ETFs Surpass Billions in Trading Volume

As per data from K33 Research, these ETFs are Bitwise(BITB), Fidelity Investments (FBTC), BlackRock(IBIT), VanEck(HODL), Valkyrie(BRRR), Franklin Templeton (EZBC), Ark 21Shares (ARKB), Invesco (BTCO), and WisdomTree (BTCW).

Meanwhile, BlackRock spot Bitcoin ETF products which needed 13 trading days for its AUM to surpass all Canadian BTC ETFs combined, have now achieved the milestones. According to BitMEX Research, the new ETF holdings gas reached 150,846 BTC, up from 108,908 BTC on January 22.

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The debut of these ETFs on January 10th has not only signaled a seismic shift in how inventors approach Bitcoin but has significantly impacted the dominance of GBTC in the market.  Previously holding a lion’s share, GBTC’s market share has now dwindled to 36% representing 126, 482 Bitcoins, roughly valued at $5.5 billion.

Investors Interest in Spot BTC ETFs has Increased

Interestingly, the rapid accumulation of assets under management by these ETFs underscores the growing institutional interest in Bitcoin as a legitimate asset class. Institutions, previously hesitant due to regulatory uncertainties and custodial concerns, are now embracing Bitcoin ETFs as a regulated and secure means to diversify their portfolios and hedge against inflationary pressures.

Moreover, the proliferation of ETFs has democratized BTC investment, allowing retail investors to participate in the crypto market without the need for specialized knowledge or technical expertise. This democratization not only fosters financial inclusion but also augments the liquidity and stability of the BTC market. In turn, it paves the way for broader acceptance and adoption.

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Grayscale Bitcoin ETF Dominates Outflows

Grayscale is still leading the outflows with its higher-fee converted spot Bitcoin ETF. As of January 22, blockchain analytic platform Lookonchain reported that Grayscale holds 566,973 BTC, valued at $23.21 billion, BlackRock and Fidelity hold 33,431 BTC ($1.37 billion) and 24,857 BTC ($1.02 billion) respectively, and Bitwise boasts of 10,152 BTC ($415.6 million).

So far, more than $2.2 billion has left the ETF as outflows. Some of Grayscale’s BTC holdings are said to have been moved to its custodian Coinbase Prime.

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