Initial trade activity in the Bitcoin spot ETF products showed that the Bitcoin market will soon overtake the Gold market.
As we know the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications on 10 Jan 2024. 9 out of 11 applications grabbed huge attention among the stock market investors.
BitMEX Research data showed that net flows for the 9 Bitcoin spot ETFs reached $2.7 billion on Feb 9. Top fund manager BlackRock’s IBIT fund currently holds $4 billion Bitcoin
The second position is claimed by Fidelity’s FBTC, with over $3.4 billion in BTC under management. ARK 21Shares’ fund currently holds nearly $1 billion worth of Bitcoin.
In this timeframe, Grayscale’s GBTC outflows amounted to $6.3 billion over the past 30 days. The fund recorded $51.8 million in outflows on Feb. 9, its smallest daily volume of capital withdrawals since conversion.
Eric Balchunas, the analyst at Bloomberg Media, shared his opinion on the increasing investment around Bitcoin spot ETF products and said that he never expected that 9 ETFs would grab strong investment support because of Grayscale’s GBTC outflow.
After the next few months the money inflow in the Bitcoin spot ETF products will surge rapidly because currently, the majority of the trading firms are in the process of completing due diligence.
Ark Invest CEO Cathie Wood shared her opinion on the growth of Bitcoin trade price. She noted that the trade price of Bitcoin surged 12 times more than the Gold price, in the last 7 years. Wood said that Bitcoin is replacing Gold as a risk-off asset.
It is worth it to note that first Bitcoin investment financial product in the world was launched by Cameron and Tyler Winklevoss in 2013. And now 10 years later, the regulatory bodies are open to adopt Bitcoin partially.
The current trade price of Bitcoin (BTC) is $48,368 & this trade price is 2% higher than the last 24 hours’ trade price.
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