$870 billion TradFi giant Susquehanna International Group (SIG) has disclosed its holdings in spot Bitcoin ETFs and confirmed its long-term confidence in Bitcoin. XRP ETF seller also highlighted a massive conviction in Grayscale’s GBTC. Susquehanna Discloses its Spot Bitcoin ETF Holdings Susquehanna International Group, a leading quantitative trading and investment company with almost $870 billion
The post XRP Seller Susquehanna Confirms Long-Term Commitment to Bitcoin ETF and GBTC appeared first on CoinGape.
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Grayscale’s Bitcoin Holdings in GBTC Plummet Over 60% Amid ETF Competition
The struggle is real for Grayscale, which at the moment is not only hustling to retain investors but also continues to lose its Bitcoin holdings. According to CoinGlass data, the world’s second-largest crypto asset manager has seen a massive reduction in its Bitcoin holdings within its Grayscale Bitcoin Trust (GBTC). That is, since converting the fund into an exchange-traded fund (ETF).
Since its ETF debut early this year, GBTC’s Bitcoin reserves have dropped by over 60%, signaling how far from grace the once-dominant fund may have fallen.
Grayscale’s GBTC Takes a Hit
In January, Grayscale converted its Bitcoin Trust into an ETF as part of its efforts to capture a broader market. At that time, GBTC held nearly 620,000 Bitcoin (BTC). As of April 28, however, that number had plummeted to approximately 227,400 BTC.
For what it’s worth, there may be a connection between the current situation with GBTC’s Bitcoin holdings and ongoing outflows from the fund. However, even the outflows appear to be driven by some key factors, including high management fees and rising competition from other funds. That is especially true for BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC.
These factors may have been largely responsible for investors withdrawing their assets from the fund.
BlackRock’s IBIT Emerges as the New Market Leader
Just five months after its launch, BlackRock’s IBIT displaced GBTC to snap up the position of the largest Bitcoin ETF. IBIT’s rise to fame has been spectacularly fast and noticeable in all ramifications.
Farside Investors data suggests that the fund has seen net inflows almost daily since making its debut. For context, investors have poured in over $220 million into IBIT just this week.
As of publication, the fund holds approximately 358,000 BTC, valued at around $22 billion. At this time, there is no questioning IBIT’s dominance of the Bitcoin ETF market.
Mini Hopes
Presently, GBTC is struggling to find its standing and return to its previous level of relevance among investors. However, the outflows continue to erode its position.
Nonetheless, there are signs that GBTC’s losses may be slowing. According to Farside Investors, the outflows are still there, but they have significantly reduced. This was shown in its Wednesday’s net outflow of just $8 million, its lowest since mid-July.
For now, it appears that the worst of the outflows might be over for GBTC. However, it also remains to be seen whether the fund will be able to regain its former stature amid the fierce battle that other funds are putting up.
Grayscale’s Bitcoin Holdings in GBTC Plummet Over 60% Amid ETF Competition
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Morgan Stanley Sells Entire GBTC Position, Buys $187 Million of BlackRock’s IBIT
During the second quarter, banking giant Morgan Stanley did a major swap with its Bitcoin ETF portfolio as per the 13F filing submitted to the US Securities and Exchange Commission on Wednesday, August 14. The 13F filings are basically the reports submitted to the SEC by institutional investment managers having assets under management of at least $100 million. Besides, the filing also provides a view of the managers’ stock holdings.
Similar to banking giant Goldman Sachs, Morgan Stanley also gained a huge exposure of $190 million to BlackRock Bitcoin ETF IBIT. during the second quarter of this year, Morgan Stanley acquired more than 5.5 million shares of the iShares Bitcoin Trust (IBIT). This puts the investment bank among the top five holders of IBIT.
Apart from BlackRock, Morgan Stanley also holds 26,222 shares of the ARK 21Shares Bitcoin ETF (ARKB) valued at $1.57 million. However, it is still down from the $2.3 million allocation shown during the end of the first quarter.
Morgan Stanley Liquidates Its Massive GBTC Holdings
Banking giant Morgan Stanley announced a near-selloff of its Grayscale holdings while liquidating a total of $269.9 million worth of GBTC shares which it held in Q1 2024. As a result, the company has a very minor exposure to GBTC around $148,000.
Since its inception in January, there have been massive outflows from GBTC owing to its high management fee of 2.5%, which is nearly 10 times that of its competitors. On the other hand, inflows into BlackRock’s IBIT have surged past $20 billion making it one of the top Bitcoin ETFs in AUM. Below is the list of the largest holders of BlackRock’s IBIT with Goldman Sachs coming second after Capula management.
Who bought the most IBIT this quarter pic.twitter.com/PoEzPlyF7g
— zerohedge (@zerohedge) August 15, 2024
On Wednesday, August 14, the US Bitcoin ETFs registered total outflows of $81.4 billion with Grayscale‘s GBTC alone contributing to more than $56 million in outflows. Besides, Fidelity‘s FBTC also recorded $18 million worth of outflows.
Moreover, the Bitcoin price has also come under selling pressure falling 4.35% and now trading around $58,130 levels. This happens despite the US CPI data showing signs of cooling inflation. On the other hand, Defiance is planning to launch a 1.75x long MicroStrategy ETF.
Morgan Stanley Sells Entire GBTC Position, Buys $187 Million of BlackRock’s IBIT
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NYSE Pulls Bitcoin ETF Options Application for BITB and GBTC
The New York Stock Exchange (NYSE) has retracted its application to list and trade options on the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC). This decision, documented in a filing with the US Securities and Exchange Commission (SEC), is a part of the ongoing regulatory journey of Bitcoin-related financial products.
The NYSE originally submitted its 19b-4 form on January 12, 2024, which proposed the introduction of options trading on Bitcoin ETFs. Following closely, both Nasdaq and Cboe submitted similar proposals on January 19, just days after the SEC had approved spot Bitcoin ETFs for listing on various stock exchanges.
However, the road to approval was far from straightforward. After the NYSE proposal was published for public comment in February, the SEC repeatedly extended its review period. By April 2024, the SEC had initiated formal proceedings to gather public feedback. Despite this, the NYSE decided to withdraw its application on August 9, 2024, before the SEC reached a final decision.
Other Withdrawals
It is important to note that the Commission delayed its decision-making process on multiple occasions. The NYSE’s withdrawal suggests that the exchange may have anticipated further delays or potential hurdles in gaining approval.
Interestingly, last week, another exchange giant, Cboe, also withdrew its application for options trading but quickly re-filed with a revised and more detailed proposal. According to James Seyffart, a Bloomberg analyst, this move might reset the timeline, pushing the deadline for a decision to late April 2025.
Moreover, earlier this month, three other exchanges – BOX Exchange LLC, MIAX Pearl LLC, and Miami International Securities Exchange, LLC – also pulled back their proposals to allow options trading on Bitcoin ETF shares.
Options, as financial derivatives, provide investors with the right – but not the obligation – to purchase or sell an asset at a fixed price within a certain timeframe. In the context of Bitcoin ETFs, these options could enable investors to bet on the price fluctuations of a Bitcoin ETF, all while avoiding direct involvement with the cryptocurrency.
Bitcoin Spot ETFs
The launch of spot Bitcoin ETFs in January this year became one of the most successful ETF introductions in history, drawing widespread attention and capital from investors. Since their launch, these products have attracted $17.33 billion in net inflows. Moreover, they hold a total of $51.99 billion in all assets. On August 15, these financial funds cumulatively recorded a net inflow of $11.11 million.
Meanwhile, Bitcoin is currently trading around $58,400, down by around 4% in the past seven days. The cryptocurrency’s market cap currently stands at $1.15 trillion. BTC is down by over 20% from its all-time peak of $73,750, achieved in March this year.
NYSE Pulls Bitcoin ETF Options Application for BITB and GBTC
]]>Grayscale’s Bitcoin ETF (GBTC) experienced a significant drop of over 11% in the trading session today. This dip coincides with the record date for the spinoff of its new Bitcoin Mini Trust. The sharp decline in GBTC’s value marks a pivotal moment as investors react to the forthcoming transfer of a portion of GBTC’s BTC holdings to the newly established trust.
Grayscale Bitcoin ETF Plunged 11%
According to Yahoo Finance, the GBTC price slumped 11.42% to $52.87 in the trading session on Tuesday, July 30. This comes amid accelerated outflows from the Grayscale Bitcoin ETF as it recorded $54.3 million negative flow on Monday. Moreover, the negative sentiment has led to loss of investor confidence amid the Mini Trust distribution.
James Seyffart, a Bloomberg analyst, provided insight into the mechanics of the spinoff. He clarified that the 11% value decline in GBTC reflects the anticipated shift of assets into the Bitcoin Mini Trust. Seyffart emphasized the importance of the record date, which is today, and indicated that trading for BTC is expected to commence tomorrow, pending final approvals from the SEC.
“We are expecting $BTC to begin trading tomorrow. But there are still final ‘approvals’ from the SEC that are necessary,” Seyffart noted. Earlier this week, Nate Geraci, president of The ETF Store, confirmed that the SEC has indeed given the green light for Grayscale’s Bitcoin Mini ETF.
Also Read: Just-In: Tron’s Justin Sun Hints At Major Ethereum Selloff Amid ETF Outflows
Grayscale BTC Mini Trust Distribution
The new fund, with the ticker BTC, is set to debut as a spinoff of GBTC. The transfer involves GBTC shifting a certain percentage of its Bitcoin holdings to the new trust, effectively distributing new shares of BTC to GBTC shareholders. This distribution aims to streamline market operations and improve pricing accuracy for the trust’s shares.
The Grayscale Bitcoin Mini Trust will follow a similar management fee structure as the Grayscale Ethereum Mini Trust. Hence, it set a nominal fee set at 15 basis points. A crucial aspect of this transition is the registration statement on Form S-1 for the BTC Trust.
Grayscale is awaiting the SEC’s final approval of this document, which is essential for the legal and regulatory authorization of the trust’s shares to be offered to the public. This step is critical as it ensures compliance with regulatory standards and facilitates the trust’s operations within the public market.
Currently, the record date for the initial distribution of Bitcoin Mini Trust shares is established for today, July 30, 2024. Thereafter, the 10% distribution expected to occur the following day. Grayscale’s BTC ETF shareholders of record as of the close of business today will receive a one-for-one distribution of new shares in the Bitcoin Mini Trust. This means that each GBTC shareholder will gain an equivalent number of BTC shares, reflecting their current holdings in GBTC.
Also Read: Just-In: Tron’s Justin Sun Hints At Major Ethereum Selloff Amid ETF Outflows
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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.
Asset management firm Grayscale Investments has its shareholders enthralled with the recent update regarding the Grayscale Bitcoin Trust (GBTC) spinoff to a mini Trust.
Grayscale File For Bitcoin and Ethereum Mini Trust ETFs
According to Fulcrum News, the event has been scheduled to take place on July 31. Senior Bloomberg ETF Analyst James Seyffart reiterated the news, pointing out the date. In a follow-up post, Seyffart noted that both the Bitcoin and Ethereum mini trusts will go live before the end of this month.
The date for $GBTC ’s spinoff into their mini trust — $BTC — has been set for July 31st. https://t.co/k4SAaTxYff
— James Seyffart (@JSeyff) July 19, 2024
In March, the spot Bitcoin ETF issuer filed with the United States Securities and Exchange Commission (SEC) for permission to launch a new investment product. The potential product, which the firm called Grayscale Bitcoin Mini Trust, is intended to offer investors a lower fee structure than its current GBTC which manages assets worth approximately $28 billion.
It was meant to be a solution to the high fee of GBTC, more like a low-cost Grayscale ETF that could rub shoulders with the likes of Franklin Templeton Digital Holdings Trust and the Bitwise Bitcoin ETF whose fees are as low as 0.19% and 0.2%, respectively.
Noteworthy, the firm did the same for Ethereum in April, requesting to launch an Ethereum Mini Trust ETF. The Grayscale Bitcoin Mini Trust ETF fee was later capped at 0.15%, becoming the lowest amongst all other existing Bitcoin ETFs.
Grayscale Gets an Edge With Mini Trust ETFs
At the beginning of this month, Grayscale announced July 18 as the initial distribution date for shares of its new Grayscale Ethereum Mini Trust. This Initial Distribution entitles each ETHE shareholder to receive shares of the ETH Trust in proportion to their ETHE holdings.
On the said date fee, Grayscale adjusted the fee for the Ethereum Mini Trust ETF from 0.25% to 0.15%. It also added that for the first six months, the fee will be charged at zero on the first $2 billion of Assets Under Management (AUM).
Meanwhile, Grayscale made this mini Trust ETFs as a means of growing its product line as well as respond to the changing legal environment. Hence, ETF Store President Nate Geraci applauded the firm for undertaking this strategic shift and competing with other market players. Geraci stated,
“Bravo, Grayscale… This is how you go for the jugular.”
Read More: TFL Chapter 11 Bankruptcy: New Court Order Authorizes Shuttle Bridge Reopening & 150M LUNA Burn
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.
Institutional investors are grabbing every dip in Bitcoin while retail investors panic amid BTC selloffs by the German Government. Investment adviser firm Fiduciary Alliance has bagged one of the largest holdings in BlackRock iShares Bitcoin ETF (IBIT), Grayscale Bitcoin Trust (GBTC), and several crypto shares last quarter.
Fiduciary Alliance Bags BlackRock Bitcoin ETF
Investment advisory firm Fiduciary Alliance LLC becomes one of the largest buyers of BlackRock iShares Bitcoin ETF (IBIT) in Q2 2024, as per a 13-F filing with the U.S. SEC on July 10. The company added 188,668 units of IBIT valued at $6.64 million.
In addition, Fiduciary Alliance purchased Grayscale Bitcoin Trust (GBTC) units worth $3.48 million. Grayscale recently saw $25 million in inflow as a result of 13-F filings by several institutional investors. CoinGape recently reported that City State Bank revealed its exposure to Bitcoin (BTC) through IBIT and GBTC ETFs.
The company also acquired shares in crypto-related companies including Coinbase, MicroStrategy, and Tesla. It added 8,332 COIN shares valued at $1.89 million, $1.70 million of MicroStrategy (MSTR) shares, and invested $744,426 in Tesla (TSLA).
$5 billion AUM Northwest Capital Management also disclosed its entry into the Bitcoin market through BlackRock’s iShares Bitcoin Trust (IBIT).
Also Read: Binance Vs SEC — Judge Sets Deadline For Discovery Phase Post Major Ruling
Bitcoin Bulls Becoming Strong Amid Selloff
Bitcoin bulls are gradually gaining dominance as institutional investors are buying the dip. With Mt. Gox repayment and German Government selloff pulling Bitcoin lower.
According to CryptoQuant CEO Ki Young Ju, permanent holders that are mostly custodial wallets accumulated 85K BTC in a month. “These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings,” he said.
BTC price jumped 0.50% in the past 24 hours, with the price currently trading at $57,748. The 24-hour low and high are $57,014 and $59,416, respectively. Furthermore, the trading volume has decreased by 7% in the last 24 hours. The weakness is a result of CPI inflation data due Thursday.
Meanwhile, derivatives traders are buying as total futures open interest surged 2% to surpass $28 billion. CME BTC futures open interest rose to $8.27, up more than 2.50% in the last 24 hours. Also, total BTC options open interest continues to rebound, with currently valued at $16.5 billion.
Also Read: Elon Musk’s X Payments Gets Money Transmitter License In Washington DC
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.
This week, the Bitcoin price has been facing strong selling pressure with the Bitcoin ETFs reporting two consecutive days of outflows after 19 consecutive days of inflows. On Tuesday, June 11, the total outflows registered by the US bitcoin ETFs surged to $200 million.
Bitcoin ETF Trading Volumes Spikes
According to data from Santiment, Bitcoin ETF trading volume has surged to its highest level since May 15. This spike, observed among the top seven largest ETFs, suggests a potential for a price turnaround. Analysts believe the recent volume increase is likely a response to a dip-buying opportunity, indicating renewed investor interest and activity in the market.
On June 11, US Bitcoin spot ETFs experienced a total net outflow of $200 million, marking the second consecutive day of outflows. Grayscale’s GBTC alone saw a single-day outflow of $121 million. Consequently, the total net asset value of Bitcoin spot ETFs has dropped below $60 billion, currently standing at $59.227 billion.
BTC Price Rebound Ahead?
Santiment reports that Bitcoin’s recent dip below $67,000 has led to an increase in buy calls on social media. Historically, when sell calls start to close the gap on buy calls, it indicates rising panic and fear, often leading to a rebound in cryptocurrency prices.
The May 2024 Consumer Price Index (CPI) report will arrive later today, at 12:30 pm UTC (11 hours from now). Analysts currently anticipate a 3.4% Year-over-Year (YoY) or 0.3% Month-over-Month (MoM) increase.
Should the actual figures come in lower than expected, it could signify a slowdown in inflation, potentially boosting the prospects of cryptocurrency prices rising. Conversely, if the numbers exceed expectations, it may indicate ongoing inflation concerns, potentially leading to a drop in cryptocurrency values.
Ahead of the FOMC meeting, the Bitcoin price faces strong selling pressure amid BTC miner capitulation. If the Bitcoin price drops under $67,000, we can see a further pullback of 5-8% in the coming weeks.
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 Bitcoin ETF market started the week on a positive note with more than $237 million inflows registered by all eleven spot Bitcoin ETFs on Monday, May 20. In the last 24 hours, the Bitcoin price has also rallied by 7% shooting all the way up to $72,000 amid positive developments surrounding the spot Ethereum ETF approval.
Bitcoin ETF Inflows Outpace Daily BTC Mined
On May 20, Bitcoin spot ETFs saw a substantial net inflow totaling $241 million, as per data from Farside Investors.
On the other hand, Grayscale’s ETF GBTC received $9.35 million in a single day, despite the news that Grayscale CEO Michael Sonnenshein resigned from his position. This was the fifth consecutive day of GBTC recording net inflows.
Additionally, the ETF ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s ETF IBIT saw inflows of $66.35 million.
The recent daily inflows into spot Bitcoin ETFs are nearly 6-7 times the daily BTC supply generated through mining. On May 20, 2024, Bitcoin ETFs purchased over 3,400 BTC, significantly outpacing the daily mining rate of 450 BTC.
This contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC against a weekly mining total of 3,150 BTC, as per data from HODL15Capital. As it turns out, the Hong Kong Bitcoin ETFs were also the net buyers on Monday.
Hong Kong Bitcoin ETFs were also net buyers on 5/20 pic.twitter.com/GUhlSymVly
— HODL15Capital
(@HODL15Capital) May 21, 2024
BTC Price Set for Rally to $100?
Institutional interest in Bitcoin is once again surging with the Bitcoin investment products seeing over $932 million worth of inflows last week.
As reported yesterday, the Bitcoin price has been consolidating for weeks in the range of $60,000-$70,000. This provided investors with a greater opportunity to accumulate Bitcoins before the pre-halving rally kickstarts.
According to data from CryptoCon, Bitcoin remains on track for a layer 7 price target of $149,000 by the end of 2024. This projection is based on the Log Regression Curves, noted for their accuracy in predicting the 2021 cycle tops. A more conservative layer 6 target, which aligns with the 2013 cycle top, estimates Bitcoin reaching $108,000 by year-end.
#Bitcoin is still on track for a layer 7 price target of 149k by the end of this year.
This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.
The more conservative layer 6 has a target of 108k by that time, which is the layer that… pic.twitter.com/Hg3YyZO3Qf
— CryptoCon (@CryptoCon_) May 20, 2024
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 activity surrounding the spot Bitcoin ETFs has surged significantly once again amid multiple news of traditional financial players seeking exposure to the Bitcoin funds. As a result, the Bitcoin ETF trading volumes have once again skyrocketed hitting a two-month high.
Bitcoin ETF Volumes Pick Up Steam
On-chain data provider Santiment has reported a significant surge in trading volume for Bitcoin Exchange-Traded Funds (ETFs), marking the highest levels seen since March 24.
According to Santiment’s analysis, the seven largest Bitcoin ETFs collectively recorded a trading volume of $5.65 billion on a single day, indicating a notable uptick in investor interest in cryptocurrency investment vehicles.
The data suggests a departure from previous trends where large investors primarily accumulated Bitcoin through on-chain transactions. Moreover, the daily trading volume for the Fidelity Wise Origin Bitcoin Fund also touched a new all-time high.
#BitcoinETF volume is picking up major steam, with the 7 largest #ETF‘s hitting $5.65B, the highest day since March 24th. Gone are the days of whales only accumulating #onchain. Keep a close eye on whether momentum stays high with our free dashboard: https://t.co/fyI2IS1U79 pic.twitter.com/77ZD0e7gpz
— Santiment (@santimentfeed) May 16, 2024
According to recent SEC filings, Millennium Management, a leading global hedge fund, has disclosed a substantial spot Bitcoin ETF portfolio valued at $2 billion. As said, more and more traditional players and global hedge funds are seeking exposure to Bitcoin ETFs.
BTC ETF Flows
On May 15, the collective net inflow into Bitcoin spot ETFs amounted to $303 million. Among the notable contributions, Grayscale’s GBTC saw a substantial single-day net inflow of $27.0466 million, while the surprising this was that BlackRock’s IBIT registered zero inflows. However, the gap between BlackRock’s Bitcoin holdings and that between Grayscale’s GBTC has been getting closer and closer with every passing day.
Grayscale is about to lose its top spot as the largest Bitcoin ETF.
The gap between Grayscale and BlackRock is closing, down to 15 000 BTC. pic.twitter.com/POQTFOxfiY
— ecoinometrics (@ecoinometrics) May 15, 2024
On Wednesday, Fidelity’s FBTC recorded an inflow of $131 million and has been leading the pack throughout this week. At the same time, Bitwise’s BITB observed an inflow of $86.2578 million.
Similar to the US market, the Bitcoin ETF trading activity in the Hong Kong market has also been growing very strongly. Amid the current developments, Bitwise Investments shares three major trends in regard to the Bitcoin ETFs.
- As of last Thursday, 563 professional investment firms disclosed ownership of approximately $3.5 billion in BTC ETFs. With the May 15 filing deadline approaching, this number is expected to surpass 700 firms, potentially propelling the total assets under management (AUM) close to $5 billion.
- The magnitude of institutional ownership in these Bitcoin ETFs is unprecedented for a newly introduced ETF. Typically, new ETFs attract minimal attention from 13F filers during their initial months on the market.
- Despite comprising only 7-10% of total investments currently, the allocations made by professional investors may merely represent an initial investment, indicating the potential for further substantial contributions in the future.
Who’s Buying Bitcoin ETFs (According to 13F Filings)
Three takeaways from Bitwise CIO @Matt_Hougan‘s weekly memo to investors.
Takeaway 1: Lots of Professional Firms Own Bitcoin ETFs
563 professional investment firms reported owning $3.5 billion worth of bitcoin ETFs as of… pic.twitter.com/YCOKPpQqgE
— Bitwise (@BitwiseInvest) May 15, 2024
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.
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