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Bitcoin ETFs Dominate BTC Accumulation Despite Withdrawals From Grayscale’s GBTC

source-logo  coinedition.com 04 March 2024 14:15, UTC

Data from HODL15Capital, a renowned asset allocator, shows a consistent Bitcoin acquisition across all nine active spot Bitcoin ETFs for the past eight weeks. In a post on X, the investor revealed that the highest BTC acquisition happened in week 6, despite Grayscale’s GBTC losing 12,331 units of its holdings and Invesco Galaxy’s BTCO losing 1,466 BTC.

Data showing each Bitcoin ETF: pic.twitter.com/8SGiSpv3qa

— HODL15Capital 🇺🇸 (@HODL15Capital) March 4, 2024

While the newly launched ETFs engaged in constant Bitcoin acquisition, HODL15Capital’s data showed that the GBTC has consistently released portions of its BTC holdings. Week 2 marked GBTC’s most significant period in terms of a drop in holdings, with the product losing 64,398.

On the contrary, BlackRock’s IBIT led the gainers in terms of accumulated Bitcoins with 164,500 BTC in its portfolio. Week 8 marked IBIT’s highest-performing week, with an accumulated 34,270 Bitcoins.

Altogether, the net amount of Bitcoins acquired by all the running ETF products since the SEC’s approval is 147,913 BTC. That captures the 198,543 Bitcoins withdrawn from Grayscale’s GBTC over this period. Hence, ignoring GBTC’s withdrawn Bitcoins leaves 346,456 in accumulated Bitcoins from the nine newly launched ETFs in the past eight weeks.

Comparing the ETFs’ performance with Bitcoin’s price development reflects a significant correlation. Bitcoin’s recent rally started eight weeks ago, with an initial pullback that experts claimed to have resulted from capital rebalancing. Since then, BTC has bounced from a swing low at $38,505 and rallied to $65,583, according to data from TradingView.

The eight-week rally reflects a 70% gain for the flagship cryptocurrency. Analysts expect more funds to flow into the ETFs, with the prediction that it will play a significant role in the developing bull run, in addition to the impact of the next Bitcoin halving.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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