In the last 37 days, the newly introduced nine spot bitcoin exchange-traded funds (ETFs) have rapidly accumulated a remarkable total of 264,232.74 bitcoin, now valued at $13.5 billion based on the current exchange rates. Leading the pack, Blackrock’s IBIT ETF holds a substantial 43% of this total, with 115,989.80 bitcoins in its coffers. $13.5B in […] Original
Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange’s CEO, Brian Armstrong, while appraising the company’s performance in the fourth quarter (Q4) of 2023. Coinbase Emerges As Major Player In Bitcoin ETF Market In an X post on February 16, Brian Armstrong shared specific highlights of Coinbase’s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi).…
In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs. Bitcoin ETFs Gain Ground on Gold ETFs The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years…
Bitcoin ETFs experienced a total net inflow of $477 million on Feb. 15th, continuing a trend of positive net inflows for the 15th consecutive trading day. According to data from SoSoValue, the Grayscale ETF, GBTC, diverged from this trend with a net outflow of $174 million for the day. In contrast, BlackRock’s Bitcoin spot ETF, IBIT, led the market with a daily net inflow of $330 million, bringing its total historical net inflow to $5.17 billion. The surge in investor confidence was particularly evident on Feb. 13th, which recorded the…
The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst. Improved Prospects For Coinbase Amid Crypto Rally According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock. As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade.…
“It’s a pretty bad scene right now in the gold ETFs category,” said Bloomberg Intelligence senior ETF analyst Eric Balchunas in a post on X. “To be sure, I don’t think these people are migrating to bitcoin ETFs,” he wrote, although he said it could partly be a reason for the ugly numbers. Original
Bitcoin ETFs continued to experience hundreds of millions in demand a day after setting a historical high for daily net inflows. According to SoSoValue, spot Bitcoin ETFs marked a 14th consecutive day of net inflows with roughly $339 million on Feb. 14, only $300 million less than the day before. BlackRock claimed the largest inflow of the lot, garnering $224 million, while Fidelity recorded $118 million in net inflows. BlackRock and Fidelity are by far the largest new Bitcoin (BTC) ETF issuers, with $4.8 billion and $3.5 billion, in cumulative…
The approval of the spot bitcoin ETFs constituted a landmark event for the $1.7 trillion digital asset industry. With institutional investors on board, demand for bitcoin will grow significantly. Source
Spot Bitcoin ETFs set a record high for daily net inflows, with over $631 million flowing into funds on Feb. 13, coinciding with dwindling outflows from Grayscale’s converted GBTC. Excluding GBTC, nine spot Bitcoin (BTC) ETF issuers saw $704 million in inflows as demand for exchange-traded funds underpinned by crypto’s largest assets trended upwards and consistently amounted to hundreds of millions of dollars daily. BlackRock accounted for the lion’s share of inflows, recording 70% of the day’s influx of trading worth $493 million, according to sososvalue.xyz. Spot BTC ETF flows…
In just a month, the bitcoin funds ex-GBTC have accumulated over $11 billion worth of bitcoin, with three of the ETFs – BlackRock’s IBIT, Fidelity’s FBTC and Ark 21’s ARKB – topping the $1 billion mark in assets under management. In fact, as of the end of Monday, IBIT was nearing $5 billion in AUM and FBTC was just shy of $4 billion. Original