After a lean month, Bitcoin ETFs are once again attracting hundreds of millions of dollars per day.
Bitcoin ETF
While ETH ETFs have just been dubbed thanks to a grotesque populist reversal on the part of the Democrats, Bitcoin ETFs are resuming their march forward.
After a clear slowdown since the beginning of April, business is picking up. We are on the ninth consecutive day of incoming flows:
US ETFs now hold 850,000 BTC. We are at 987,000 BTC globally.
That said, US ETFs have absorbed “only” an additional 230,000 BTC since January 10. The difference with the 850,000 BTC is due to the fact that the GBTC trust (now transformed into an ETF) already held 620,000 BTC.
Speaking of GBTC, the bleeding continues. Its clients are fleeing to BlackRock's ETF because of its seven times higher management fees. BlackRock's ETF ($19.7 billion) dethroned GBTC ($19.6 billion) in less than 5 months.
For what ? Probably this forced rotation generates juicy commissions for Wall Street…
Regardless, note that only 105,000 BTC have been mined since January 10. This means that the ETFs scooped up all the newly created bitcoins, and 125,000 BTC more.
The gap has widened further since the halving. For example, ETFs collected 14,324 BTC last week, compared to barely 3,150 BTC mined at the same time. That’s 4.5 times more.
The renewed enthusiasm is probably partly linked to the fact that we now know which major funds invested in Bitcoin ETFs in the first quarter. The presence of big names like the investment bank Morgan Stanley has not gone unnoticed. Neither does that of the Wisconsin State Retirement Fund.
Another bullish factor, the thank you from the anti-bitcoin CEO of Vanguard, the second largest investment fund in the world. The new CEO was previously in charge of BlackRock ETFs…
Statements from the Bitwise CIO also caused a stir. Matt Hougan said the first quarter volumes were just an appetizer. For him, most investors come six to twelve months after the launch of an ETF.
Our article on the complete list of large institutional investors who have invested in Bitcoin ETFs.
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