Fun

Spot Bitcoin ETFs accumulate 300K BTC as net inflow rises to $6B

News Feed - 2024-02-27 09:02:57

Prashant Jha11 hours agoSpot Bitcoin ETFs accumulate 300K BTC as net inflow rises to $6BAmid strong inflows into Bitcoin ETFs, the BTC price hit a new two-year high of over $57,000 as its market cap breached $1.1 trillion.4048 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe nine new spot Bitcoin exchange-traded funds (ETFs) have amassed 300,000 Bitcoin worth $17 billion in less than two months since their public debut on Jan. 11, with net inflows surpassing $6 billion.


The Bitcoin (BTC) holdings of the nine spot ETFs account for almost 1.5% of Bitcoin’s total supply of 21 million BTC. Amid growing demand and limited supply, the BTC price touched a new yearly high of over $57,000 on Feb. 27. Bitcoin is now only 20% down from its all-time high of nearly $69,000, and its market cap has breached $1.1 trillion.Total BTC held by the nine new ETFs. Source: K33 Research


The spot Bitcoin ETFs continued their bullish momentum with more than half a billion dollars in net inflow on Monday, Feb. 26. The ETFs also recorded their highest trading volume day with $2.4 billion, beating the prior record of $2.2 billion set on the first trading day, Jan. 11.Total spot Bitcoin ETF flow. Source: BitMEX


BlackRock’s iShares Bitcoin Trust topped the volume charts with $1.29 billion, followed by Fidelity’s Wise Origin Bitcoin Fund in second at $576 million. While inflows into spot Bitcoin ETFs continue to hit new highs, Grayscale’s Bitcoin Trust (GBTC) recorded its lowest outflow day with just $22 million leaving the fund, marking its third consecutive trading day of slowing net outflows.


GBTC is the only fund that has seen continuous net outflows since its launch due to the heavy selling of GBTC shares by FTX and other investors. GBTC saw withdrawals of $5.64 billion by the end of January. However, outflows have decreased in February, totaling $2 billion so far. A total of $7.6 billion has exited the GBTC ETF since its conversion.Grayscale Outflows. Source: X


The continuous net inflows, with a decline in GBTC outflows, indicate a heavy market demand for spot Bitcoin ETFs. This could add additional market demand amid a diminishing Bitcoin supply, with the Bitcoin halving less than two months away.


Related:BTC price due $55.4K next amid warnings over end of Bitcoin "euphoria"


Currently, a total of 900 new BTC is added to the daily supply by miners. However, spot Bitcoin ETFs are seeing net inflows of nearly 8,000–9,000 BTC on each trading day, diminishing supply further as demand continues to grow, which is considered a bullish scenario for the price of BTC.


Magazine:‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull# Bitcoin# Bitcoin Price# ETF# AdoptionAdd reactionAdd reactionRead moreRecognize jurisdictions that believe in us, Bitfinex"s Ardoino tells BTC communityCrypto recaptures $2T marke

News Feed

China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects
China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. &#
DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z
Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to da
Tether boosts Bitcoin reserves with latest acquisition
Zoltan Vardai14 hours agoTether boosts Bitcoin reserves with latest acquisitionThe acquisition of 8,888 Bitcoin makes Tether the seventh-largest BTC holder.7475 Total views9 Total sharesListen to article 0:00NewsOwn this
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7Whale alert reports that a so-called whale has transferred the equivalent of $2.24 billion in bitcoin for less than $7.
Zimbabwean Minister Says Cryptocurrency Based Solutions ‘Could Lower Charges for Diaspora Remittances’
Zimbabwean Minister Says Cryptocurrency Based Solutions "Could Lower Charges for Diaspora Remittances" The Zimbabwean minister of finance, Mthuli Ncube, has once again talked up th
Crypto Market Trends in February: Institutional Growth, AI, and DeFi
Este artículo también está disponible en español. The cryptocurrency market started 2025 with strong momentum, reaching a peak market cap of $3.76 trillion on January 7.
Ross Ulbricht Supporters Auction Collectibles After BTC Price Wager Goes Sour
Ross Ulbricht Supporters Auction Collectibles After BTC Price Wager Goes Sour Digital currency influencers have started an auction to raise money for Ross Ulbricht who is serving
KuCoin Labs Invest in Huobi-Backed SocialFi Platform to Expand Into Metaverse and NFT Space
KuCoin Labs Invest in Huobi-Backed SocialFi Platform to Expand Into Metaverse and NFT Space press release PRESS RELEASE. The latest strategic investment in emerging SocialFi startup
Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam
Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam Following strong gains to start the week, BTC once again fell under $30,000, as crypto pr
Investor Lawsuit Argues Ripple Still Has to Answer Over Ongoing XRP Sales
Ripple’s argument that an XRP holder waited too long to file suit has no precedent, a new legal filing claims. Bradley Sostack, the plaintiff in a putative class-action lawsui
Save the Children Senior Advisor: We Chose ADA Because Its Backed by the Cardano Foundation
Save the Children Senior Advisor: We Chose ADA Because Its Backed by the Cardano Foundation In July 2021, the non-governmental organization (NGO) Save the Childr
Quadriga CX Trustee Raises $30 Million for Reimbursements to Creditors, Claimants Want $171 Million Instead
Quadriga CX Trustee Raises $30 Million for Reimbursements to Creditors, Claimants Want $171 Million Instead The trustee of the now-defunct crypto exchange, Quadr