Well, well, well. The Spot Bitcoin ETFs are strutting their stuff and living up to the hype! These funds have been on a shopping spree for Bitcoin like it’s Black Friday every day. And boy oh boy, they’ve got some serious institutional backing – we’re talking about big names like BlackRock.
Bitcoin Shopping Spree – Over 19k BTC Bought This Week Alone!
The data nerds over at Lookonchain have crunched the numbers and found that these high-rolling Spot Bitcoin ETF issuers bought more than just a few Bitcoins this week… try over 19,908 BTC ($860 million), thank you very much! But wait there’s more… WisdomTree’s purchases weren’t included in this analysis so who knows how many extra Bitcoins are hiding under that tree.
In another plot twist from Arkham Intelligence (no relation to Batman), it turns out that our friends at Wisdom Tree didn’t sit idle either; they added a cool little stash of around74 BTC. So if we add all those shiny new coins together with what everyone else has been buying? We’re looking at almost 20K BTC purchased by Spot Bitcoin ETF issuers in one week alone!
If you thought your aunt was hoarding cats then think again because these guys are hoarding something far cooler – Bitcoins baby! In fact, 3.3% (over 657K ) of all circulating Bitcoins are now held by these ETFs.
And if you thought that was impressive, Matt Hougan from Bitwise has some more jaw-dropping stats for us. Apparently, these funds have seen inflows of $1.7 billion in their first 14 tradingSponsored Product days alone! That’s even more than what Gold ETFs saw during a similar period – $1.3 billion to be exact.
BTC price recovers above $43K | Source: BTCUSD on TradingView.com
The Battle of the Titans – BlackRock vs Grayscale!
Bloomberg analyst James Seyffart spilled the beans recently and it looks like there’s been a bit of an upset in Bitcoin land! According to his post, BlackRock’s IBIT seems to have outdone Grayscale’s GBTC when it comes to daily trades…for once at least!
Seyffart shared data showing that IBIT recorded $301 million in tradingSponsored Product volume on February 1st while poor old GBTC only managed $290 million.
In spite of this victory though, he did mention that overall Spot Bitcoin ETFs had a somewhat lackluster day with total combined tradingSponsored Product volumes reaching just $924 million. I guess not every day can be Christmas huh?
Interestingly, this was the first day that daily volume for Spot Bitcoin ETFs dipped below $1 billion. Seyffart didn’t offer any theories as to why these funds had a bit of an off day but hey, even superheroes need a break sometimes!
Featured image from U.S. Global Investors, chart from Tradingview.com
Disclaimer: This article is purely educational and should not be taken as financial advice (even though it’s hilarious). Investing can be risky business so always do your own research before making any decisions! NewsBTC takes no responsibility if you decide to use information provided here at your own risk.
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