The US Spot Bitcoin ETF regained momentum on Thursday, December 26, as evidenced by the change in fund flows into the investment instrument. Fidelity’s FBTC led the inflow on Thursday, with Ark’s ARKB and BlackRock’s IBIT supporting the trend. Notably, this change in fund flows comes after the investment instruments recorded massive outflow since December 19, which has sparked concerns in the broader crypto market.
Bitcoin ETF Inflow Regains Momentum
The US Spot Bitcoin ETF has recorded a significant outflux recently, with BTC witnessing a sharp decline. This robust outflux also appeared to have weighed on the investors’ sentiment, which has further triggered the volatility in the market. However, the sentiment appeared to have changed recently, as evidenced by the recent fund flow trend.
According to Farside Investors data, the overall US Spot BTC ETFs recorded an influx of $475.2 million on Thursday. Fidelity’s FBTC led the influx trend with a $254.4 million inflow on December 26, reflecting the regaining confidence of the investors. Simultaneously, ARK’s ARKB and BlackRock’s IBIT noted inflows of $186.9 million and $56.6 million, respectively.
Meanwhile, this change in trend comes after the investment instruments went through a gloomy phase recently. For context, the BTC ETFs recorded an outflow of $1.51 billion from December 19 through December 24, which has weighed on the investors’ sentiment, especially after the robust inflow over the past few weeks.
Considering that, it appears that the institutional interest in the digital assets space is once again soaring. For context, the US Spot Ethereum ETF also recorded an inflow of $117.2 million yesterday, with Fidelity’s FETH leading with an $83 million influx.
BTC Recovery Ahead?
Bitcoin price today was down about 3% and exchanged hands at $94,975 despite the positive US Spot Bitcoin ETF inflow. Its trading volume was up about 28% and the crypto touched a 24-hour high of $97,784. Furthermore, BTC Futures Open Interest fell about 3% in the last 4-hour time-frame, reflecting the bearish trend noted in the broader market.
Meanwhile, the analysts also shared some gloomy forecasts for BTC, as it has lost its crucial support recently. Bitcoin has slipped recently due to a flurry of reasons, with top experts predicting a BTC crash to $60K ahead, which has fueled discussions in the market.
However, despite the gloomy sentiment, some market experts remained optimistic about the long-term trajectory of the flagship crypto. Despite the short-term pullback amid the holiday mood, the crypto is likely to make a strong recovery ahead, potentially hitting new highs in the coming days.
On the other hand, Bitwise has recently filed for a new BTC ETF to track companies like MicroStrategy, Metaplanet, and others. This also showcases the growing institutional confidence towards the flagship crypto. Having said that, the largest crypto by market cap is expected to rebound in the coming days, despite these short-term declines.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The spot Bitcoin ETFs in the United States have resumed strong inflows recently with the Bitcoin price rallying past $71,000 recently. On Wednesday, the total Bitcoin ETF inflows stood close to $500 million with Fidelity’s FBTC once again dominating the market.
Fidelity Bitcoin ETF FBTC On the Rise
While BlackRock has always dominated the inflows for spot Bitcoin ETFs so far, Fiedlity’s FBTC has recently taken the lead. On Wednesday, June 5, the Fidelity Bitcoin ETF FBTC witnessed $220 million worth of inflows taking it two days inflows to nearly $600 million. With this, the total assets under management for FBTC have surged past $9.5 billion.
Fidelity remains the immediate competitor to BlackRock when it comes to assets under management for its spot Bitcoin ETFs. Despite the current inflows, BlackRock’s IBIT is still double the size of Fidelity FBTC.
On June 5, Bitcoin spot ETFs experienced a substantial net inflow of $488 million, marking the 17th consecutive day of positive inflows. The day before, this number stood at a massive $887 million.
On Wednesday, Grayscale’s ETF GBTC reported a single-day inflow of $14.58 million, Fidelity’s ETF FBTC saw $221 million, and BlackRock’s ETF IBIT attracted $155 million. The cumulative net inflow for Bitcoin spot ETFs has now reached an impressive $15.338 billion. Just to give a context, the total purchase of BTC by spot Bitcoin ETFs was 27 times the daily Bitcoins mined.
NEW:
Spot #Bitcoin ETFs bought 12,508 #BTC yesterday, while miners only produced 450 BTC. pic.twitter.com/O8t6QB9UbB
— Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
Institutional Deman to Rise
The CEO of Franklin Templeton commented on the growing adoption of Bitcoin ETFs, stating, “This is really the first wave of the early adopters. The next wave is the much bigger institutions.” The CEO Jenny Jhonson emphasized that the current bullish sentiment is still underestimating the potential influx of larger institutional investors into the Bitcoin ETF market
Moreover, the Franlink Bitcoin ETF currently has more than $420 million in AUM, where small in size as compared to other big players.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Millennium Management has disclosed holdings that make it the largest holder of Bitcoin ETFs, notably the iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC).
This participation is evidenced by the recent SEC filing that shows Millennium Management’s stakes now cover almost $2 billion, which is about 3% of its fund worth $64 billion.
Millennium’s Bitcoin ETF Holdings
Millennium Management’s 13F-HR SEC filing gives a comprehensive overview of its investments in the numerous major Bitcoin ETFs. The company has set aside $844,181,820 for BlackRock’s iShares Bitcoin Trust, which is now the biggest single holding.
After that comes the Fidelity Wise Origin Bitcoin Fund, which has received $806,640,303 from Millennium.
The other significant investments are $202,029,915 in the Grayscale Bitcoin Trust and smaller but still important amounts of money in the ARK 21Shares Bitcoin ETF and Bitwise Bitcoin ETF, which are equal to $45,001,320 and $44,737805, respectively.
Millennium Management disclosed a ~$2b Bitcoin ETF holding as of Q1, 3% of their $64b fund. Kinda wild
— db (@tier10k) May 15, 2024
This strategic placement of the investments in different ETFs not only spreads out the risks but also shows Millennium’s bullish attitude towards Bitcoin as an asset class.
The company’s choice to intensify the participation in cryptocurrency shows a great faith in the fact that digital currencies will still be incorporated into the mainstream financial system.
Growing Institutional Interest in Bitcoin ETFs
Institutional interest in Bitcoin ETFs is increasing, as shown by recent SEC filings from other financial institutions. Boothbay Fund Management and the State of Wisconsin Investment Board are among other big players that have invested heavily in Bitcoin ETFs, which proves that institutional interest is on the rise.
As reported by Coingape, Boothbay Fund Management publicized its $377 million investment in different Bitcoin ETFs, and the Wisconsin board disclosed its nearly $162 million invested in BlackRock’s IBIT and Grayscale’s GBTC.
Concurrently, firms like Hightower Advisors, SouthState Bank, and even big companies like JPMorgan Chase have entered this market, which shows that they are confident in Bitcoin ETFs as investment vehicles.
Bitcoin’s Price Trend
The growing acceptance of Bitcoin ETFs comes at a time when Bitcoin itself has seen considerable price movements. Recently, Bitcoin’s price surged to $66,000, marking a 7% increase in the last 24 hours.
This price movement is in direct relation to the latest U.S. Consumer Price Index (CPI) data, which has shown a decrease in core inflation that might influence investor sentiment toward digital assets as a hedge against economic instability.
Read Also: Did Morgan Stanley’s $243M Bet On GBTC Fuel Bitcoin Rebound?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Two investment advisors are enthusiastically embracing the Fidelity Bitcoin ETF (FBTC) with over $40 million worth of investments. Moreover, Bloomberg analyst Eric Balchunas deems it a significant turning point in crypto adoption. This comes amid a resurgence in the Bitcoin ETF inflows after gigantic outflows last week.
Investment Firms Wager $40 Million On FBTC
In a post on X, Balchunas wrote, “We have a new high water mark for investment into one of the bitcoin ETFs.” He revealed that two advisors each committed $20 million to FBTC, representing 6% and 5% of their portfolios, respectively. Furthermore, Balchunas also pointed out that this investment surpasses the previous record set by an advisor’s $17 million allocation to BlackRock’s IBIT Bitcoin ETF.
Describing the situation, Balchunas remarked, “Likely a wonderful sight for those hoping to see long-term adoption and an absolute nightmare for the RIA Skeptics Branch of the Underwhelmers Club.” In addition, he further emphasized the potential for more revelations.
Balchunas stated, “We still have 5-6 weeks of more 13F reporting like this too. We could see 500-1000 firms like this reporting holdings once dust settles.” This influx of investment underscores the growing confidence in cryptocurrencies among traditional investment circles.
Also Read: Victory Securities Unveils Next Big Thing In Spot Bitcoin & Ethereum ETF
Spot Bitcoin ETF Inflows Rebound
On April 22nd, the BlackRock’s IBIT saw another inflow of $19.4 million, marking its 70th consecutive day of inflows since its launch. This streak places BlackRock’s IBIT ETF among the top ten exchange-traded funds with the longest daily streaks of inflows. Meanwhile the BTC ETFs collectively witnessed an inflow of $62.2 million.
Currently, BlackRock’s IBIT Bitcoin ETF holds over $15.4 billion worth of Bitcoins at its current price. While BlackRock continues to see continuous inflows, the Grayscale Bitcoin ETF has experienced ongoing outflows. BlackRock’s IBIT is steadily narrowing the gap with GBTC and could soon become the largest Bitcoin fund in the market.
Total net inflows across all funds amounted to $62.0899 million, with Grayscale GBTC seeing a single-day net outflow of $34.993 million. In contrast, Fidelity ETF FBTC recorded a single-day net inflow of $34.83 million. In the past three trading sessions, Fidelity’s FBTC has surpassed BlackRock’s IBIT in terms of daily inflows.
The historical cumulative net inflow for Spot Bitcoin ETFs has now reached an impressive $12.38 billion. Whilst, Bitwise CEO Hunter Horsley recently suggested that wealth management firms are likely to further increase their exposure to these ETFs.
Also Read: BlackRock Bitcoin ETF IBIT Enters Top 10 ETF List With Longest Inflows
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In the pre-market trading today, BlackRock’s IBIT and Fidelity Wise’s FBTC, both prominent Spot Bitcoin ETFs, surged notably following a strong influx of funds on Tuesday. This surge was mirrored by their main competitors, including Grayscale’s GBTC, VanEck’s HODL and Valkyrie’s BRRR.
BlackRock & Fidelity BTC ETFs Surge
BlackRock’s iShares Bitcoin ETF (IBIT) saw a 2.60% increase to $41.79 during pre-market trading on Wednesday, March 13, according to Yahoo Finance data. This rebound follows Tuesday’s closure at $40.73, reflecting a 0.95% decline. Moreover, the resurgence mainly attributed to a record high inflow of $849 million.
Whilst, Fidelity Wise’s FBTC soared 2.53% to $64.08 in pre-market trading. Moreover, Grayscale’s GBTC witnessed an 2.56% surge, reaching $65.30 at the time of reporting, recovering from a notable plunge on Tuesday, closing at $63.67 with a 1.01% loss.
The Ark 21Shares Bitcoin ETF (ARKB) recorded a 2.55% gain, hitting $73.22. Meanwhile, VanEck’s HODL saw an 2.17% rally to $82.71. Valkyrie’s BRRR also rose by 1.38%, reaching $20.55. Invesco Galaxy’s BTCO gained 2.60%, settling at $73.30.
Franklin Templeton’s EZBC experienced a notable uptick of 2.34%, reaching $42.45. In addition, Hashdex’s DEFI observed a 2.67% hike, reaching $84.74. Earlier, DEFI dropped to $82.54 on Tuesday, marking a 1.10% decline.
Also Read: VanEck Bitcoin ETF Surpasses $200M Investment Amid Fee Waivers
Spot Bitcoin ETFs Mark Record-Breaking Inflows Of $1.05 Bln
On March 12, data from SoSoValue revealed a remarkable net inflow of $1.05 billion into Spot BTC ETFs. This surge in inflow coincided with the second-highest volume day for the 10 Bitcoin ETFs, marking the best performance in the past five weeks with a total of $8.5 billion traded.
BlackRock’s iShares Bitcoin ETF experienced a record-breaking inflow of $849 million, surpassing its previous highest inflow. This influx propelled BlackRock’s net inflow to over $11.44 billion, while its asset holdings surged to $14.5 billion.
Meanwhile, the Fidelity Bitcoin ETF and Ark 21Shares (ARKB) BTC ETF attracted inflows of $51.6 million and $93 million, respectively. Other Spot BTC ETFs, including Bitwise’s BITB, saw relatively lower inflows. Whilst, the VanEck Bitcoin ETF experienced an inflow of $82.9 million, partly attributed to its 0% fees strategy amidst intensified competition.
Additionally, Grayscale’s GBTC recorded another outflow of $79 million. The drop in outflows is attributed to a decline in Genesis’ GBTC selloffs, which are nearing their conclusion. Crypto lender Genesis obtained bankruptcy court approval to sell 35 million GBTC shares valued at $1.3 billion. Notably, the net outflow from GBTC to date has surpassed $11.12 billion.
Also Read: Bitcoin ETF: SEC Declares First Trust’s Application “Abandoned”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As the growing anticipation for a spot Bitcoin ETF approval continues to propel BTC prices higher, Jurrien Timmer, Fidelity’s director of global macro, believes the crypto asset could surge to over $1 billion in 2038.
Fidelity Investments achieves a significant milestone as its spot Bitcoin exchange-traded fund (ETF), known as FBTC, makes its appearance on the active and pre-launch list of the Depository Trust & Clearing Corporation (DTCC).
The move places the financial services company at the forefront of the race for the first spot Bitcoin (BTC) ETF approval in the United States.
First Spot Bitcoin ETF Expected to be Approved in January
According to DTCC data, the listing of Fidelity’s spot Bitcoin ETF under the ticker FBTC on the DTCC website indicates imminent approval by the United States Securities and Exchange Commission (SEC).
The company submitted an application for the spot BTC ETF in June, joining dozens of other companies awaiting the SEC’s decision on the approval.
Investors are eagerly awaiting the US SEC’s decision on various ETF applications, including Fidelity’s FBTC, the Ark 21Shares Bitcoin ETF (ARKB), with the final approval expected by January 10.
The approval of Fidelity’s FBTC would mark a historic moment, opening new avenues for institutional and retail investors to participate in the cryptocurrency market. A spot Bitcoin ETF offers more direct exposure to the underlying asset, potentially attracting a broader investor base.
Additionally, regulatory approval could signal a shift in how cryptocurrencies are perceived within traditional financial systems. The DTCC’s involvement underscores the industry’s gradual integration into mainstream financial infrastructure, paving the way for increased institutional adoption.
Bitcoin Could Reach $1B in 2038
As the growing anticipation for a spot Bitcoin ETF approval continues to propel BTC prices higher, Jurrien Timmer, Fidelity’s director of global macro, believes the crypto asset could surge to over $1 billion in 2038.
Drawing parallels to BTC as an inflation hedge akin to gold, Timmer asserts that portfolios with a small allocation to the asset could yield substantial returns, positioning Bitcoin above assets like S&P 500 and Gold in terms of risk-to-return ratio.
Other market experts have also predicted the leading crypto asset could reach $100,000 by the end of this year.
Additionally, options traders are increasingly placing bets, anticipating a surge in BTC to reach $50,000 by January. This speculation aligns with the general expectation among market observers that the SEC will grant approval for ETFs to directly include and hold the crypto asset during that period.
✓ Share: