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Over 105,000 BTC Accumulated by Bitcoin Spot ETFs

105,000 BTC Accumulated by Bitcoin Spot ETFs

In just seven days, nine new Bitcoin ETFs have accumulated over 100,000 BTC. Among them, BlackRock and Fidelity stand out with the largest amounts of managed Bitcoin. Despite high demand, Grayscale’s GBTC fund has experienced a significant drop in value.

105,000 BTC Accumulated by Bitcoin Spot ETFs

The recently approved Bitcoin Spot ETFs by the SEC have managed to accumulate over 105,000 BTC, equivalent to approximately $4 billion. These funds, excluding Grayscale’s converted GBTC fund, have shown impressive growth in a short period of time.

Among these newcomers, BlackRock (IBIT) and Fidelity (FBTC) have quickly emerged as leaders, with 40,213 and 34,152 BTC under management respectively. This also reflects a growing interest from institutional investors in Bitcoin, despite recent fluctuations in the cryptocurrency market.

On Monday, the seventh day since the ETFs were listed on the market, the funds recorded a total volume of $2.1 billion, with over $1.1 billion coming from GBTC.

A Flourishing Start of the Week for BlackRock and Fidelity

The impact of these new ETFs on the market is two-fold. On one hand, they have attracted substantial investments, with BlackRock and Fidelity witnessing inflows of $272 million and $159 million respectively on Monday.

On the other hand, Grayscale’s GBTC fund has experienced a significant drop, with over 10% reduction in assets, going from 619,220 BTC to 552,680 BTC. In total, Grayscale’s ETF recorded over $2.8 billion in outflows, and this number could increase in the coming weeks, according to many experts. As investors had positioned themselves on Grayscale’s GBTC product to speculate on the approval of ETFs by the SEC, many are now taking their profits.

Today, investors and analysts are keeping a close eye on future movements, especially regarding capital inflows and outflows and the price evolution of Bitcoin.

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