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- The nine spot Bitcoin ETFs achieved a notable milestone of $10 billion in assets under management on February 9 – merely a month following their approval.
The newly introduced spot Bitcoin exchange-traded funds (ETFs) completed their initial 20 trading sessions, reaching the $10 billion mark in assets under management (AUM).
As per data from BitMEX Research, net inflows for the nine ETFs totaled $2.7 billion on January 9, with BlackRock’s IBIT fund leading the way, currently holding Bitcoin (BTC) valued at $4 billion.
Bitcoin ETF Flow – 9th Feb
All data out. Strong day with $541.5m of net inflow
Invesco experienced an outflow, marking the first non-GBTC product to have a day of outflows pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
Fidelity’s FBTC occupies the second position, managing over $3.4 billion in BTC.
See Also: Bitcoin Price Targets $50,000 Amid Robust ETF Inflows
ARK 21Shares’ fund also surpassed the billion-dollar threshold, holding approximately $1 billion in Bitcoin within its portfolio.
In contrast, Grayscale’s GBTC saw outflows totaling $6.3 billion over the last 30 days.
The fund recorded $51.8 million in outflows on February 9, marking its lowest daily capital withdrawal volume since its conversion.
“I anticipated the Nine would weaken as GBTC outflows diminished, but they are gaining strength,” remarked Bloomberg analyst Eric Balchunas on the X platform (formerly Twitter).
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In the coming months, Bitcoin ETF inflows are projected to rise as trading firms finalize their due diligence on these investment vehicles.
Bitcoin’s price stabilized above key technical support levels in January, “including its 200-day moving average ($29,902) and on-chain mean ($33,487),” according to a recent analysis from ARK Invest.
Throughout the month, the cryptocurrency’s price increased by 0.6% to $42,585.
ARK Invest maintains a positive outlook, suggesting that Bitcoin is supplanting gold as a safe-haven asset. “Bitcoin’s price relative to gold has surged twenty-fold over the past seven years. In January 2024, Bitcoin could purchase approximately 20 troy ounces of gold, compared to 1 troy ounce in April 2017,” the analysis states.
“We believe this trend will persist as Bitcoin enhances its role in financial markets.”
Given the macroeconomic landscape, the asset manager forecasts that “as inflation decreases and real rates rise, Bitcoin should remain resilient as banks continue to lose deposits.”
See Also: Bitcoin ETF Records Net Inflow Of $38.4m, BlackRock Surpasses Grayscale
The US Securities and Exchange Commission (SEC) granted approval for Bitcoin ETF applications from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, and Grayscale on January 10, over a decade after Cameron and Tyler Winklevoss sought to launch the Winklevoss Bitcoin Trust in 2013.
Disclaimer: The information provided is not trading or financial advice. Bitcoinworld.co.in assumes no liability for any trading or investments made based on the information presented on this page. We strongly advise independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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