Bitcoin ETFs have reached the $10 billion mark in assets under management (AUM).
These numbers came after the first 20 trading sessions and one month after their approval. Let’s see more details about these Bitcoin ETFs.
Bitcoin ETFs: Crossing the $10 Billion Threshold
BlackRock’s iShares Bitcoin Trust leads the way with $4 billion, followed closely by Fidelity’s Wise Origin Bitcoin Fund at $3.4 billion. ARK 21Shares Bitcoin ETF recently crossed the $1 billion threshold.
Bitcoin ETF Flow – 9th Feb
All data out. Strong day at $541.5m of net inflow
Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
Meanwhile, Grayscale Bitcoin Trust (GBTC) has continued to see outflows, albeit at a reduced pace. Grayscale recorded its lowest daily withdrawal on February 9th. The numbers recorded by these platforms show the massive investor interest in these vehicles. Experts predict further growth as competition continues to intensify.
The US SEC approved BTC ETF applications early last month, a decade after Cameron and Tyler Winklevoss applied to launch the Winklevoss Bitcoin Trust in 2013. These products have become popular amongst US investors, and some claim BTC could be more valuable than gold.
💥 Whilst #VentureCapital pours into solid new projects, the #BitcoinETFs continue to make new records with $1.44 BILLION of new funds taken in just the last 3 days. 😮
If you cannot help feel bullish, then go bury you head back in the sand! pic.twitter.com/PinGRX7Gmy
— RR2Capital (@RR2Capital) February 13, 2024
For example, investors at ARK Invest believe that BTC will replace gold as a risk-off asset. According to their analysis, “Bitcoin’s price relative to that of gold has increased twenty-fold in the last 7 years. In January 2024, Bitcoin could buy ~20 troy oz of gold, compared to 1 troy oz in April 2017. We believe this trend should continue as Bitcoin increases its role in financial markets.”
Furthermore, ARK Invest claims that “as inflation cools and real rates rise, Bitcoin should remain antifragile as banks continue to lose deposits.” This prediction signifies a decent shift in mainstream perception of cryptocurrencies.
Btc Enters $50K for the First Time in Two Years
BTC rose above $50,000 for the first time in almost two years on Monday. After bouncing about the $50,000 mark, BTC was up 4.96% and traded at $49,899. BTC’s price action has fueled investor interest in the market. And many predict an upward price movement as we near the halving.
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