{"id":10063,"date":"2024-01-23T17:34:03","date_gmt":"2024-01-23T15:34:03","guid":{"rendered":"https:\/\/forklog.com\/en\/rival-bitcoin-etfs-attract-over-100000-btc\/"},"modified":"2024-01-23T17:34:03","modified_gmt":"2024-01-23T15:34:03","slug":"rival-bitcoin-etfs-attract-over-100000-btc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/rival-bitcoin-etfs-attract-over-100000-btc\/","title":{"rendered":"Rival Bitcoin ETFs Attract Over 100,000 BTC"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Nine &#8220;new&#8221; spot Bitcoin ETFs have attracted 109,221 BTC.\u00a0<\/li>\n<li>Due to GBTC sales, net outflows from instruments on January 22 reached 4,537 BTC ($179.6 million).<\/li>\n<li>Traders do not rule out a decline in Bitcoin to $36,000.<\/li>\n<\/ul>\n<\/div>\n<p>The volume of coins held by spot Bitcoin ETFs, excluding the Grayscale Bitcoin Trust (GBTC), has reached 109,221 BTC (~$4.26 billion), according to K33 Research.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">January 23<\/p>\n<p>The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC. <\/p>\n<p>BlackRock needed 7 trading days to become the third-largest BTC investment vehicle globally \u2014 set to become the second-largest after today. <\/p>\n<p>Fidelity has also entered the top 4. <a href=\"https:\/\/t.co\/NUvkQQcHbt\">pic.twitter.com\/NUvkQQcHbt<\/a><\/p>\n<p>\u2014 Vetle Lunde (@VetleLunde) <a href=\"https:\/\/twitter.com\/VetleLunde\/status\/1749697883530526732?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The selection includes products from:<\/p>\n<ul class=\"wp-block-list\">\n<li>BlackRock (IBIT);<\/li>\n<li>Fidelity (FBTC);<\/li>\n<li>Bitwise (BITB);<\/li>\n<li>Ark 21Shares (ARKB);<\/li>\n<li>Invesco (BTCO);<\/li>\n<li>VanEck (HODL);<\/li>\n<li>Valkyrie (BRRR);<\/li>\n<li>Franklin Templeton (EZBC);<\/li>\n<li>WisdomTree (BTCW).<\/li>\n<\/ul>\n<p>Among the new products, IBIT stands out with 40,213 BTC, FBTC with 34,152 BTC, BITB with 8,800 BTC, ARKB with 7,566 BTC, and BTCO with 4,642 BTC.<\/p>\n<p>Experts at Arkham Intelligence identified the ETF addresses from BlackRock, Fidelity Investments, Bitwise, and Franklin Templeton.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">IBIT iShares Bitcoin Trust<br \/>Holdings: 28.62K BTC<br \/>Value: $1.16B<br \/>Entity Link:<a href=\"https:\/\/t.co\/e64glDMXxX\">https:\/\/t.co\/e64glDMXxX<\/a><\/p>\n<p>FBTC Fidelity Wise Origin Bitcoin Fund<br \/>Holdings: 29.91K BTC<br \/>Value: $1.21B<br \/>Entity Link:<a href=\"https:\/\/t.co\/gxugCID2wh\">https:\/\/t.co\/gxugCID2wh<\/a><\/p>\n<p>BITB Bitwise Bitcoin ETF<br \/>Holdings: 10.15K BTC<br \/>Value: $422.68M<br \/>Entity\u2026<\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1749487643425968438?ref_src=twsrc%5Etfw\">January 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to their estimates, IBIT holds 33,431 BTC, FBTC 29,907 BTC, BITB 10,152 BTC, and EZBC 1,660 BTC valued at $46.1 million.<\/p>\n<p>K33 Research estimated GBTC&#8217;s Bitcoin reserves at 564,933 BTC. After <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">converting the product to an ETF<\/a>, its <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> fell by 54,287 BTC.<\/p>\n<p><a href=\"https:\/\/www.coinglass.com\/Grayscale\">CoinGlass<\/a> provides different data \u2014 552,680 BTC. According to the aggregator, the figure dropped by more than 10% from 619,220. The reduction of 66,450 BTC is equivalent to 60% of the coins held by the &#8220;new&#8221; spot Bitcoin ETFs.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-882.webp\" alt=\"1-882\" class=\"wp-image-224522\"\/><figcaption class=\"wp-element-caption\">Data: Coinglass.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.theblock.co\/data\/crypto-markets\/bitcoin-etf\/bitcoin-spot-etf-volumes\">The Block<\/a>, on the seventh trading day, product turnover amounted to $2.1 billion. More than half ($1.1 billion) was attributed to GBTC.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-696.webp\" alt=\"2-696\" class=\"wp-image-224523\"\/><figcaption class=\"wp-element-caption\">Data: The Block.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>GBTC Outflows Surpass Demand<\/strong><\/h2>\n<p>Bloomberg analyst James Seyffart estimated inflows into instruments on January 22 at $564.5 million. IBIT led with $272 million, followed by FBTC ($159 million), while the rest attracted less than $100 million combined.<\/p>\n<p>Total inflows were lower than the $640.5 million outflow from GBTC. As a result, the spot Bitcoin ETF segment lost $76 million, which could have contributed to the asset&#8217;s price falling below $40,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update: BlackRock&#8217;s numbers are in for the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF Cointucky derby. Third biggest inflow day for <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a> yet at $272 million. Only -$76 million in net outflows for the day. <a href=\"https:\/\/t.co\/ySE0edbz4c\">https:\/\/t.co\/ySE0edbz4c<\/a> <a href=\"https:\/\/t.co\/RzgH6qn5Md\">pic.twitter.com\/RzgH6qn5Md<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1749655808638419361?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;A bad day. Over $640 million was withdrawn today. The outflow is not slowing down, but increasing. This is the largest for GBTC [since ETF approval]. The total amount so far is $3.45 billion,&#8221;<\/em> he calculated.<\/p>\n<\/blockquote>\n<p>According to Lookonchain, the net outflow on January 22 was 4,537 BTC ($179.6 million). GBTC saw a withdrawal of 14,292 BTC ($565.84 million), which was only partially offset by inflows into nine &#8220;new&#8221; ETFs \u2014 9,755 BTC ($386.24 million).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">According to the latest data released on the website:<a href=\"https:\/\/twitter.com\/hashtag\/Grayscale?src=hash&#038;ref_src=twsrc%5Etfw\">#Grayscale<\/a> decreased 14,292 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>($565.84M) yesterday.<\/p>\n<p>8 ETFs added 9,755 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>($386.24M) yesterday, of which <a href=\"https:\/\/twitter.com\/hashtag\/Fidelity?src=hash&#038;ref_src=twsrc%5Etfw\">#Fidelity<\/a> added 5,312 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>($210.33M). <a href=\"https:\/\/t.co\/CVBdH5iybB\">pic.twitter.com\/CVBdH5iybB<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1749709619482783951?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/alpha.sosovalue.xyz\/?category=ETF\">sosovalue.xyz<\/a>, in value terms, the AUM of 10 spot Bitcoin ETFs decreased by $2.82 billion.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-409.webp\" alt=\"3-409\" class=\"wp-image-224521\"\/><figcaption class=\"wp-element-caption\">Data: sosovalue.xyz<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>What to Expect from the Market?<\/strong><\/h2>\n<p>In a comment for ForkLog, trader Vladimir Cohen noted the pressure from GBTC holders who, after more than two years, have seen their shares turn profitable. Their sales seem logical, he added.<\/p>\n<p>The expert suggested that Bitcoin ETF issuers since 2022, even before the instrument&#8217;s launch, might have entered into forward contracts with miners for the supply of digital gold. This could have limited the scale of purchases after the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> approved the product.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;This led to disappointment. Even long-term holders, observing such price dynamics, start to unload. There is an excess supply of Bitcoin [in the form of GBTC] and a lack of demand,&#8221;<\/em> Cohen explained.<\/p>\n<\/blockquote>\n<p>In his view, the situation could change with an influx of fresh liquidity and a <span data-descr=\"increased risk appetite among investors\" class=\"old_tooltip\">risk-on<\/span> mode in the market.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Those who expected growth after the ETF approval have already bought. Interest rates remain high, yields on <span data-descr=\"U.S. government bonds\" class=\"old_tooltip\">US Treasuries<\/span> have returned above 4%, and funds will not buy BTC at nearly two-year highs under such conditions. They will enter the market only after a significant correction when the risk\/reward ratio becomes more attractive,&#8221;<\/em> the trader explained.<\/p>\n<\/blockquote>\n<p>The expert anticipates Bitcoin moving into the $36,000-38,000 range and to lower levels in the absence of new demand.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;In a negative scenario, we face panic selling and a move into the $25,000-30,000 range, which preceded purchases on the ETF approval narrative. If Bitcoin trades in the $30,000-35,000 range until the <\/em><em>halving<\/em><em>, it will create a good base for continued growth,&#8221;<\/em> Cohen concluded.<\/p>\n<\/blockquote>\n<p>Experts at Bitfinex have pointed out the risks of Bitcoin falling further to $36,000.<\/p>\n<p>Earlier, CoinDesk journalists reported on the sale of GBTC shares worth $908 million from the bankruptcy estate of FTX.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine &#8220;new&#8221; spot Bitcoin ETFs have attracted 109,221 BTC.\u00a0 Due to GBTC sales, net outflows from instruments on January 22 reached 4,537 BTC ($179.6 million). Traders do not rule out a decline in Bitcoin to $36,000. The volume of coins held by spot Bitcoin ETFs, excluding the Grayscale Bitcoin Trust (GBTC), has reached 109,221 BTC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,569,1167,1145,1150,1138],"class_list":["post-10063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-etf","tag-k33","tag-market-analysis","tag-news-plus","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10063"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10062"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}