Spot Bitcoin ETFs collected another 10,600 BTC on the 5th day
Spot Bitcoin Exchange-Traded Fund (ETF) issuers added another net 10,667 Bitcoin (BTC) to their crypto stacks in their fifth trading day as trading volume increased.
Data compiled by X's (formerly Twitter) account CC15Capital for January 17th shows that by the end of the day, a net $440 million worth of bitcoins had been added to their holdings. BlackRock ETF will take the lion's share with the purchase of 8,700 BTC, valued at $358 million.
The data shows that nine ETFs (except Grayscale) have bought about 68,500 BTC since their launch, with a current value of about $2.8 billion.
The recent ETF-linked Bitcoin purchases were partially offset by outflows from Grayscale Bitcoin Trust (GBTC), with 10,824 BTC valued at approximately $445 million. About 38,000 BTC was withdrawn from GBTC on January 11 after switching to a spot ETF.
30,496 #Bitcoins have been purchased since the ETF launched.
Excluding $GBTC (which sells at a higher premium than others), the 9 ETFs bought 68,442 $BTC – a surprisingly large number.
Only 900 #Bitcoin are mined daily (dropped to 450 in April)
— CC15Capital (@Capital15C) January 18, 2024
Meanwhile, data shared by Bloomberg ETF analyst Eric Balchunas showed the “newborn nine” — the nickname for the new space Bitcoin ETFs excluding GBTC — jumped 34% in daily volume on its fifth day of trading.
This is interesting, nine newborns actually showed a 34% jump today compared to yesterday. It's rare to see the volume go back up after a typically high start each day after the start. All but one jumped but GBTC turned flat so there was no volatility… pic.twitter.com/f6xOsLRWjr
— Eric Balchunas (@EricBalchunas) January 18, 2024
“It's rare to see volume come back down after a typically high start every day,” he added.
However, it should be noted that data around Bitcoin purchases, as reported by ETF managers, is delayed compared to each fund's transaction volume figures due to delays in purchases.
As investors piled into the new funds, BlackRock and Fidelity's Bitcoin ETFs each recorded more than $1 billion in assets under management at the close of trading on Jan. 18, according to Bloomberg ETF analyst James Seifert.
Day 5 #Bitcoin ETF Cointucky Derby Update. Awaiting information from $IBIT/BlackRock and $BRRR/Valkyrie. But $GBTC with another big flow – $582 million. Total from GBTC so far is $2.2 billion. pic.twitter.com/XxXfyJCA60
— James Seyff (@JSeyff) January 19, 2024
Balchunas also noted that BlackRock and Fidelity's Bitcoin ETFs rank fourth and fifth among all U.S. ETFs for weekly capital flows, after the Vanguard 500 Index Fund ETF, which aims to track the return of the S&P 500 index of the 500 largest public U.S. companies. .
Another way to put bitcoin ETF flows in the context of ETFs is how #s in addition to showing relative to past new launches are how flows from the last 1 weeks stack up to ALL ETFs. Even after four days, two are in the top 5 and three are in the top 10, where $VOO, $QQQ and more. pic.twitter.com/oduhktEqwG
— Eric Balchunas (@EricBalchunas) January 18, 2024
Related: Gary Gensler approves ETFs — but now he's backtracking.
CC15Capital also shared that Bitwise is the only asset manager to report Bitcoin holdings so far on January 18, adding another 491 BTC on the day.
“+$20,000,000 to BITB today,” Bitwise CEO Hunter Horsley wrote in a January 18 X post. “Thank you for your trust in Feeder Client Assets.”
+$20,000,000 to BITB today.
Bitcoin was effectively bought.
Now $390,000,000 in the last 5 days.
Thank you for trusting us to take care of our clients' properties.
[BITB disclosures & prospectus: https://t.co/PhSsPpDY7h]
— Hunter Horsley (@HHorsley) January 19, 2024
Bitcoin fell less than 1 percent on Jan. 17 but has seen a slide of more than $3.5 percent in the past 24 hours, according to Cointelegraph Markets Pro.
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