Saturday, January 27, 2024

Bitcoin ETF Day 10 Update: Key Takeaways

In the ongoing Bitcoin ETF saga, Tuesday marked a significant event with a notable Grayscale dump. Despite being slightly negative at $70 million, the net new flow is approaching the point where it may surpass GBTC drainage.

The Bad News:

  1. Net new flow remains slightly negative at $70 million.

The Good News:

  1. BlackRock, with nearly $2 billion in Assets Under Management (AUM), is set to acquire 50,000 BTC.
  2. Fidelity is outpacing BlackRock in growth, reflecting a rising interest in Bitcoin among Fidelity customers.
  3. Excluding Grayscale, approximately $550 million daily is flowing into BTC ETFs.
  4. These ETFs have accumulated an impressive 140,000 BTC, showcasing robust demand.
  5. Bitcoin ETFs alone are absorbing 15.5 times the daily supply of newly created Bitcoins.
  6. Bitcoin experienced a bottom earlier in the week, triggering potential FOMO (Fear of Missing Out) scenarios.

BTC ETF


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