As a seasoned researcher with over two decades of experience in the financial markets, I find it fascinating to observe the evolution of Bitcoin and its growing integration into traditional investment vehicles such as ETFs. The recent surge in inflows into spot Bitcoin ETFs, as shown by data from SoSo Value and other sources, is a testament to the maturing of this asset class.
As a researcher, I’ve observed a notable surge in investments into Bitcoin exchange-traded funds (ETFs) recently, following a period of substantial selling activity over the past two months.
Based on information from SoSo Value, the collective daily inflow for Bitcoin Spot ETFs has exceeded $50 million as of August 1, accumulating a grand total of approximately $17.74 billion in cumulative net inflows.
On July 31, Bitcoin spot ETF experienced a total net investment of $298,900. Meanwhile, Grayscale ETF GBTC had no change in its assets, while the Grayscale mini ETF BTC saw an inflow of approximately $17.9 million. BlackRock ETF IBIT enjoyed an influx of around $20.99 million, whereas Fidelity’s FBTC experienced a withdrawal of $31.57 million.— Wu Blockchain (@WuBlockchain) August 1, 2024
The data on spot Bitcoin ETFs also shows these funds have over $58 billion in total net assets with BlackRock’s IBIT taking the lead with $21.7 billion in assets and a cumulative net inflows of over $20 billion.
The Grayscale’s GBTC, with a net asset value of $15.2 billion, and Fidelity’s FBTC, having $11.3 billion in net assets, are the ones that follow. As per data from Ecoinmetrics on the social media platform X (previously known as Twitter), approximately 5.2% of the cryptocurrency’s total supply is currently under the management of ETFs and similar products, with publicly traded companies holding about 1.6%, and private entities controlling a further 2%.
In total, as Ecoinmetrics noted, institutions control nearly 9% of the cryptocurrency’s supply.
As a seasoned crypto enthusiast with years of experience in the digital currency market, I have witnessed the growth and evolution of Bitcoin from its inception to becoming a global phenomenon. The latest data suggests that approximately 9% of all Bitcoins are now controlled by institutions, which is a significant shift from its early days when it was mostly held by individual investors.
— ecoinometrics (@ecoinometrics) July 31, 2024
According to CryptoGlobe’s report, there’s been a rise in Bitcoin moving off exchanges, even though Bitcoin has been experiencing price volatility since February.
Based on a study released by CryptoQuant, an on-chain analytics company, there’s been a gradual increase in Bitcoin withdrawals from exchanges over the past few weeks, which is often viewed as a positive sign. With fewer Bitcoins held on exchanges, the value of this cryptocurrency might increase if demand remains steady or grows because of the smaller supply.
At a point when the U.S. national debt exceeded $35 trillion, outflows occurred. This significant milestone was reached before Bitcoin’s attempt to break through the $70,000 barrier was rejected, causing it to correct and trade at around $64,500 currently.
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2024-08-03 03:34