BlackRock’s ETF acquired the most Bitcoin compared to the other funds, while Grayscale’s fund continued seeing outflows on trading day 5, January 17, 2024.
Spot Bitcoin exchange-traded fund (ETF) issuers added another net 10,667 Bitcoin (BTC) to their crypto stacks on their fifth trading day amid growing trading volumes.
Data compiled by X account CC15Capital for January 17 shows that a net $440 million in Bitcoin was added to their holdings at the end of the day. BlackRock’s ETF accounted for the biggest share of the purchases with 8,700 BTC, worth around $358 million.
The data also indicates that nine ETFs (excluding Grayscale) have acquired almost 68,500 BTC since their launch, now worth nearly $2.7 billion
Interestingly, the recent ETF-linked Bitcoin purchases were partially offset by continued outflows from the continued outflows from the Grayscale Bitcoin Trust (GBTC), with 10,824 BTC worth around $445 million offloaded. Almost 38,000 BTC has left GBTC since it was changed into a spot ETF on January 11.
FINAL Day 5 Update for 1/17 #Bitcoin ETF Holdings👇$GBTC finally posted their data, showing 10,824 $BTC outflow.
On a net basis, ETFs bought 10,667 #Bitcoin on Day 5.
Ready for 1/18 reports 🧮$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/WFEkvStjBc
— CC15Capital 🇺🇸 (@Capital15C) January 18, 2024
Related:Grayscale Applied For Covered Call ETF Hours After Spot Bitcoin ETF Approval
In the meantime, data shared by Bloomberg ETF analyst Eric Balchunas mentioned the “Newborn Nine” — his nickname for these new spot Bitcoin ETFs excluding the GBTC – saw a 34% spike in daily volume as is the case of the fifth day of trading.
This is interesting, the Newborn Nine actually saw a 34% jump in volume today vs yesterday. Normally with a hyped up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up. All but one saw jump too but GBTC change flat so wasn't a volatility… pic.twitter.com/f6xOsLRWjr
— Eric Balchunas (@EricBalchunas) January 18, 2024
He added:
“Normally with a hyped-up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up.”
Nevertheless, it needs to be known that data surrounding Bitcoin buying, as reported by ETF managers, are delayed compared to each fund’s transaction volume figures because of purchase settlement delays.
Institutions Rushing To Buy Bitcoin After ETF Approval
With many investors piling in and investing in the new funds, the Bitcoin ETFs from Fidelity and BlackRock each reached over $1 billion in assets under management at the end of trading on January 18, according to data published by Bloomberg ETF analyst James Seyffart.
Day 5 #Bitcoin ETF Cointucky derby update. Waiting on data from $IBIT/BlackRock and $BRRR/Valkyrie. But $GBTC with another Big outflow — $582 million. Total out of GBTC is $2.2 billion so far. pic.twitter.com/XxXfyJCA60
— James Seyffart (@JSeyff) January 19, 2024
Balchunas also discovered that BlackRock and Fidelity’s Bitcoin ETFs are in fourth and fifth position for the weekly capital inflows across all the US ETFs, trailing just the Vanguard 500 Index Fund ETF, which strives to mirror the returns of the S&P 500 index of the 500 biggest public US firms.
Another way to put the bitcoin ETF flows in ETF context (besides showing their #s relative to past new launches) is how they stack up to ALL ETFs in past 1 week flows. Even after four days two of them are in Top 5 and three in Top 10, up there w the studs $VOO, $QQQ et al. pic.twitter.com/oduhktEqwG
— Eric Balchunas (@EricBalchunas) January 18, 2024
Related:BlackRock’s Bitcoin ETF Filing Revealed Stablecoin Concerns
CC15Capital also shared that Bitwise has ranked as the only asset manager to report its January 18 Bitcoin holdings, which indicated that it added 491 BTC on the day. Bitwise CEO Hunter Horsley commented in a January 18 X post.
“+$20,000,000 into BITB today. Grateful for the trust to steward client’s assets.”
+$20,000,000 into BITB today.
Bitcoin purchased efficiently.
Now $390,000,000 in the last 5 days.
Grateful for the trust to steward client's assets.
[BITB disclosures & prospectus: https://t.co/PhSsPpDY7h]
— Hunter Horsley (@HHorsley) January 19, 2024
Bitcoin saw a less than 1% drop over January 17 but it has seen a drop of more than 3.5% within 24 hours, according to market analysts. Nonetheless, with the Bitcoin halving event coming up, analysts believe that Bitcoin will surge to a new all-time high by Q3 2024.
