2024-02-09

BlackRock and ETFs

  • U.S. Bitcoin ETFs make up to 15% of BTC spot trading — Coinbase (FEB 10, 2024)
  • Bitcoin ETFs record third-largest inflow day as BTC price rises above $46,000 (FEB 10, 2024)
  • BlackRock, Fidelity Bitcoin ETFs see largest debut month of any ETF in 30 years (FEB 09, 2024)
  • ‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume (FEB 08, 2024)
  • BlackRock’s Bitcoin ETF reaches top 0.2% of all ETFs so far this year (FEB 07, 2024)
  • Bitcoin ETFs lead to record miner reserve BTC outflows (FEB 06, 2024)

U.S. Bitcoin ETFs make up to 15% of BTC spot trading — Coinbase

The launch of spot Bitcoin ETFs becoming a “watershed moment for the crypto economy".

U.S. spot Bitcoin ETFs now account for “only 10-15%” of the total Bitcoin spot trading volume across centralized exchanges (CEX) globally.

The spot Bitcoin ETFs hold around 650,000 BTC or 3% of outstanding Bitcoin supply.

10 spot Bitcoin ETFs traded roughly $1.3 billion on Feb. 8, which accounted for around 4.4% of Bitcoin traded on CEXs over the past 24 hours.



Bitcoin ETFs record third-largest inflow day as BTC price rises above $46,000

 
The total inflow into spot Bitcoin (BTC) ETFs has already exceeded $2.1 billion since their launch on Jan. 11, indicating a strong demand for BTC in the market. 

The third-largest inflow day for spot BTC ETFs came as BTC price crossed $46,000 to record a new multiweek high just $2,000 short of new yearly highs.

Bloomberg senior analyst Eric Balchunas highlighted that BlackRock overtaking Grayscale in terms of trading volume is a big feat, considering it usually takes about five to 10 years for a new fund to overtake the category’s “liquidity king.”

The net flows into the ETFs mean around $403 million, or roughly 8,698 BTC, was taken off the market and sent into cold storage.

Since their launch, spot BTC ETFs have seen record trading volume, with over a billion dollars being traded daily, indicating a strong investor interest.

The next Bitcoin halving is coming in less than 70 days, which will see the market supply of BTC cut in half from 6.25 BTC per block to 3.125 BTC. 

With the growing demand from institutional investors, the diminishing supply could help BTC hit new market highs.


BlackRock, Fidelity Bitcoin ETFs see largest debut month of any ETF in 30 years

BlackRock and Fidelity’s spot Bitcoin exchange-traded funds have tallied more assets in their first month of trading than any ETF launched in the United States over the last 30 years.



Bloomberg Intelligence data shows BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have each secured more than $3 billion in assets in the first 17 trading days, the only ones to do so out of a list of over 5,500 ETFs.



Balchunas said BlackRock and Fidelity’s Bitcoin ETF results are even more impressive, as most other ETFs that ranked on the list were “Bring Your Own Assets” type of ETFs — meaning one investor was behind all of the ETF’s assets under management.

BlackRock and Fidelity’s ETFs, on the other hand, have seen inflows every single trading day since launch, which Balchunas described as “Literally unprecedented.”

Spot bitcoin ETFs now represent *4* of top 25 ETF launches after 1mo on market in 30+yr industry history. IBIT & FBTC now #1 & #2 overall. ~ Nate Geraci @NateGeraci


‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume

Total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) topped a billion dollars on Feb. 7, with BlackRock leading the pack.

On Feb. 8, investor and author Fred Krueger observed that the combined BTC holdings of the newly launched nine ETFs were about to exceed those of the largest corporate holder of the asset, MicroStrategy.

The ETF funds hold around 187,000 BTC as of Feb. 7, whereas MicroStrategy holds 190,000 coins after snapping up another 850 BTC in January, increasing its total holdings to a value of more than $8 billion.

“ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for dessert,” 

Image source: https://twitter.com/dotkrueger/status/1755390565427081409/photo/1



https://cointelegraph.com/news/big-volume-day-blackrock-bitcoin-etfs-notch-1b-volume



BlackRock’s Bitcoin ETF reaches top 0.2% of all ETFs so far this year

According to data from YCharts, BlackRock’s ETF flows so far place it in the top 0.16% of ETFs when weighed against the 3,109 ETFs currently trading in the United States.

Balchunas arrived at a slightly different figure of 0.02%, which appears to measure BlackRock’s ETF performance against an estimated 10,000 ETFs worldwide.

It’s worth noting that while the total flows of other U.S. ETFs are being counted from Jan. 1, 2024, spot Bitcoin ETF products were only approved for trading on Jan. 11. This means that the Bitcoin ETFs are at a seven-trading-day handicap when compared to all other products.

https://cointelegraph.com/news/blackrock-bitcoin-now-fifth-largest-etf-flows-this-year


Bitcoin ETFs lead to record miner reserve BTC outflows

Feb. 1 also saw another significant amount of BTC moving out of miner wallets, with 13,500 BTC being sent to exchanges. The report also notes that around 10,000 BTC was sent back to miner wallets on Feb. 2, suggesting that activity could also be attributed to specific mining companies rebalancing wallets.

“This substantial transfer of BTC from miners to exchanges reflects the miners’ response to market conditions and potentially their need to liquidate holdings for operational expenses or risk management.”

The analysts maintain that a significant majority of the Bitcoin supply continues to be tightly held. 

The trend of holding among long-term investors reflects a continued belief in the future appreciation of Bitcoin.

https://cointelegraph.com/news/bitcoin-etf-miner-reserve-btc-outflows