Of the new money, BlackRock’s iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale’s Bitcoin Trust (GBTC), which has lost about 25,000 bitcoin, brought down the overall industry inflow. Original
ARK Investment Management, led by Cathie Wood, divested from the ProShares Bitcoin ETF, reallocating approximately $16 million towards its own Bitcoin ETF. This move involved the sale of ProShares Bitcoin ETF (BITO) shares, a pioneering ETF in the Bitcoin futures market in the U.S., and the acquisition of 365,427 shares of ARK 21 Shares Bitcoin ETF (ARKB). This adjustment resulted in ARKB accounting for 1% of the ARK Next Generation Internet ETF (ARKW). The value of ARKB shares declined to $43.51 on Tuesday, a significant drop from the initial listing…
Following the approval of spot Bitcoin ETFs, Grayscale has transferred some 31,638 BTC within its dedicated Coinbase accounts. According to Arkham Intelligence, the GBTC issuer moved a total of $1.3 billion in Bitcoin (BTC) since the U.S. Securities and Exchange Commission (SEC) approved 11 spot BTC exchange-traded funds (ETFs) on Jan. 10. The data available revealed transactions over three days, including Jan. 12, Jan. 16, and Jan 17. These deposits into Coinbase Prime wallets from Coinbase custody accounts all happened during the opening trading hours of the U.S. stock market.…
In a significant move impacting cryptocurrency investment vehicles, VanEck announced on Wednesday its decision to liquidate the VanEck Bitcoin Strategy ETF. The decision announced in a Jan. 16 press release, was influenced by a comprehensive analysis of the fund’s performance, liquidity, assets under management, and investor interest, marks a notable shift in the ETF landscape. According to VanEck, shareholders holding positions in the VanEck Bitcoin Strategy ETF (XBTF) have until the market close on Jan. 30 to sell shares. The ETF, which has recently experienced a 1.4% decline, will be…
On the demand side, the SEC’s potential approval of a spot bitcoin ETF should open the door for a significant number of new investors seeking exposure to the price of bitcoin directly in their traditional investment accounts. They can now forego the complexity of dealing with crypto exchanges, and access a familiar investment vehicle — an ETF. This will spark both higher liquidity and greater price stability in bitcoin. Equally importantly, the SEC’s approval represents a significant milestone for bitcoin’s growing legitimacy with established financial institutions. Original
CoinGecko shares industry highlights from its Annual Crypto Industry Report, including Bitcoin’s major growth attributed to the ETF approved in early 2024. Included in the report’s highlights, CoinGecko reveals that the total crypto market increased 108% in 2023, with an increase of $869 billion. However, at the same time, the daily trading volume saw a 31.6% decrease from 2022, settling at $58.9 billion. CoinGecko 2023 Annual Crypto Industry Report is now LIVE 📊 The crypto market witnessed substantial growth in 2023, doubling its total market cap by $832B, driven by…
A US watchdog notes that the SEC’s specialized unit for emerging technologies is not fully prepared to meet current challenges. On Dec. 15, the United States Government Accountability Office (GAO) proposed three primary action plans to the Securities and Exchange Commission to take in the wake of approving 11 spot Bitcoin exchange-traded funds (ETFs) on Jan. 10. The advised strategies were centered around managing the workforce for the digital asset market and guiding the regulator’s approach to the burgeoning industry in the upcoming years. The report found that despite having…
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“The short-term question is whether this a sell-the-news moment. My guess is that it will take a little time to consolidate the recent gains, now that the big moment has arrived,” Timmer posted on X. “There were more than a few participants who ‘equitized’ future spot positions through either the futures market or bitcoin-sensitive equities.” Original
Since the launch of the BTC ETFs last week, the industry has recorded a significant inflow of BTC products compared to other ETFs in the market. Cryptocurrency exchange Bybit said on Tuesday that the recent approval of the first spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States represents a “watershed moment” for retail investors. On January 10, 2024, the Securities and Exchange Commission (SEC) granted approval to 11 prominent financial companies, including Grayscale Investments, Ark Invest, and BlackRock, enabling them to introduce spot-BTC ETFs to their customers. This…