As a seasoned crypto investor with a decade of experience under my belt, I must admit that the recent surge in inflows to Spot Bitcoin ETFs has caught my attention. The fact that these funds are amassing such significant amounts of BTC and are on track to surpass even the legendary Satoshi Nakamoto is truly remarkable.
As a crypto investor, it’s been fascinating to witness the surge in investments towards Bitcoin exchange-traded funds (ETFs) this year. In fact, these ETFs have attracted inflows worth over $19.3 billion, demonstrating an unexpectedly robust trend. This means that these funds are accumulating a substantial amount of Bitcoin, which is putting additional pressure on the market supply side.
Based on information from Eric Balchunas, a senior ETF analyst at Bloomberg, the BlackRock iShares Bitcoin Trust (IBIT) has attracted the most investment with approximately $20.3 billion flowing into the fund. Meanwhile, Fidelity’s FBTC saw an inflow of around $9.7 billion. Notably, Grayscale’s GBTC experienced outflows totaling $17.4 billion, possibly due to investors shifting towards cheaper alternatives.
Over the past two weeks, despite a minor recovery in Bitcoin, we’ve witnessed a significant downturn. Yet, surprisingly, year-to-date net total flows have reached an all-time high of $19 billion. To me, this is the most crucial indicator to gauge success because it takes into account net price movements and GBTC unlock. In simpler terms, despite the recent dip, investors are still pouring money into crypto.— Eric Balchunas (@EricBalchunas) August 12, 2024
On a different post over at microblogging service X (previously recognized as Twitter), Balchunus mentioned an anticipated milestone: US spot Bitcoin ETFs could surpass the quantity of Bitcoin owned by Satoshi Nakamoto in October. Interestingly, BlackRock is currently positioned third in terms of the total bitcoin holdings among these ETFs.
Data Balchunas’ findings indicate that it’s believed that Satoshi Nakamoto, the elusive inventor of the cryptocurrency who disappeared in 2010, is in possession of approximately 1.1 million Bitcoins mined during the currency’s formative years.
Based on current figures, Bitcoin ETFs owned by investors collectively hold approximately 909,700 Bitcoins, which is close to reaching the significant milestone of 1 million Bitcoins. Interestingly, these investors have demonstrated a degree of patience and caution amidst periods when the volatility of Bitcoin increases.
In the recent past, when the primary cryptocurrency dipped below $50,000 this month, investors holding IBIT experienced a 14% decrease in value at the market’s start, which came after a 8% downfall over the preceding seven days.
In spite of the recent decline, these investors remained resilient, leading to no changes in IBIT’s flow, indicating that they chose to maintain their positions rather than sell off. Subsequently, Bitcoin has bounced back and is currently being traded at approximately $61,500 per BTC.
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2024-08-14 20:10