- US Bitcoin ETFs amass over 850,000 Bitcoins, signaling growing institutional interest
- BlackRock’s Bitcoin ETF nears the top spot, challenging Grayscale’s dominance
- Bitcoin market cools down, hinting at potential for a major price movement
According to the latest updates from venture capital firm HODL15Capital, U.S. Bitcoin ETFs have achieved a historic milestone, accumulating over 850,000 Bitcoins since January 2024. The report also notes that the global ETF market has surpassed 1 billion Bitcoins.
The US Bitcoin market has seen eight consecutive days of positive net inflows, with a net inflow of $154 million on May 22, 2024. BlackRock’s IBIT led the pack with an inflow of $92 million that day, followed by Fidelity’s FBTC with an inflow of $74.6 million. However, Grayscale Investment’s GBTC experienced a notable outflow of $16.1 million after five consecutive days of positive flows.
Notably, BlackRock’s substantial inflow of $92 million on the eighth day of continuous positive flows could potentially propel IBIT to become the largest Bitcoin ETF, surpassing GBTC. Currently, BlackRock’s IBIT holds 281,883.91970 Bitcoins, closely trailing GBTC, which holds 289,500.0395 Bitcoins.
A recent analysis by Glassnode revealed that the Bitcoin market has entered a cooling period “after several months of intense distribution pressure.” The report suggests a significant market shift characterized by decreased selling activity and a decline in volatility.
In an X post, Glassnode stated, “Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.”
Over the past few days, Bitcoin has been hovering around the $70,000 mark, with investors eagerly watching for the cryptocurrency to reach its all-time high of $73,700. As of press time, BTC was trading at $69,469, marking a slight decline of 0.43% in one day. However, the cryptocurrency has seen notable surges of 5% and 4% in one week and one month, respectively.
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