Spot Bitcoin ETFs: Over 100,000 BTC Accumulated in Seven Days

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In a remarkable turn of events, the cryptocurrency market has witnessed a surge in spot Bitcoin (BTC) Exchange-Traded Funds (ETFs), with nine new offerings, excluding Grayscale’s converted fund. As per data from K33 Research, the nine new spot BTC ETFs hold over 100,000 BTC in assets under management (AUM) within just seven days of trading.

This influx of new spot Bitcoin ETFs underscores the growing mainstream acceptance of cryptocurrency as an investable asset class. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly holding the digital asset. The surge in AUM indicates a significant demand for Bitcoin exposure through regulated and traditional financial instruments.

BlackRock Spot Bitcoin ETFs AUM Tops the Chart

These ETFs include BlackRock, Fidelity Investments, Bitwise, Ark 21Shares, Invesco, VanEck, Valkyrie, Franklin Templeton, and WisdomTree. Meanwhile, the data revealed that BlackRock’s spot Bitcoin ETF tops with 40,213 BTC in holdings, while Fidelity spot Bitcoin ETF has 34,152 BTC.

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Notably, the appeal of spot BTC ETFs lies in their transparency, liquidity, and regulatory compliance. Institutional and retail investors seek ways to participate in the cryptocurrency market through regulated vehicles. These ETFs offer a convenient avenue for exposure to Bitcoin, combining the benefits of traditional financial markets with the potential for returns in the dynamic crypto space.

Also, day seven has seen $2.1 billion in trading volume, of which GBTC owns $1.1 billion in volume and $76 million in net outflows. With these, Bitcoin’s current price has fallen below $40,000 for the first time in seven weeks. As of the time of writing, Bitcoin’s current price stands at $38,660, a 5.05% decrease over the past 24 hours.

Grayscale Spot Bitcoin ETFs Faces Hug Selloffs

Just yesterday, Grayscale Investments saw a depletion of its substantial spot Bitcoin ETF holdings. The asset management firm sold approximately 52,227 BTC (totaling $2.14 billion), making the assets held by the firm fall by 10% from 619,220 BTC to around 566,973 BTC.

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The drop in its BTC is about 60% of the bitcoin held by the nine new spot Bitcoin ETFs, according to CoinGlass data. However, investors and industry observers are monitoring the impact of Grayscale’s move on its overall performance and market positioning.

Spot BTC ETFs See $4.6 Billion in Trading Volume

On the first day of trading, spot BTC ETFs saw about $4.6 billion in volume, exceeding expectations. Per analysts, the high trading volume recorded shows investors’ confidence in the spot bitcoin ETF. However, high volume without corresponding profitability will bring the opposite effect.

Markets analysts hope that the positive effects of the 11 approved spot BTC ETFs will begin to show and impact the general crypto market positively.

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