Early trading activity in Bitcoin spot ETF products showed that the Bitcoin market will soon overtake the gold market.
As we know, the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications on January 10, 2024. Nine out of 11 applications attracted significant interest among stock market investors.
Net flows across nine Bitcoin spot ETFs reached $2.7 billion on February 9, according to BitMEX research data. Top fund manager BlackRock’s IBIT fund currently holds $4 billion worth of Bitcoin.
(BTC).
The second position is occupied by Fidelity’s FBTC, which manages over $3.4 billion in BTC volume. ARK 21Shares’ funds currently hold nearly $1 billion worth of Bitcoin.
During this period, Grayscale’s GBTC outflows amounted to $6.3 billion over the past 30 days. The fund recorded outflows of $51.8 million on February 9, the smallest single-day capital withdrawal since the conversion.
Bloomberg Media analyst Eric Balchunas shared his thoughts on the increased investment in Bitcoin spot ETF products, saying he never expected the nine ETFs to receive strong investment support due to Grayscale’s GBTC outflow.
With most trading firms currently in the process of completing due diligence, we are likely to see a sharp surge in inflows into Bitcoin spot ETF products in the coming months.
Ark Invest CEO Cathie Wood shared her thoughts on the rise in Bitcoin trading prices. She pointed out that over the past seven years, Bitcoin’s trading price has surged 12 times that of gold. Wood said she believes Bitcoin is replacing gold as a risk-off asset.
It is worth noting that in 2013, Cameron and Tyler Winklevoss launched the world’s first Bitcoin investment financial product. And now, a decade later, regulators are open to partial adoption of Bitcoin.
bitcoin price
Bitcoin (BTC)’s current trading price is $48,368, which is 2% higher than the last 24 hours.
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