Bitcoin ETF approved one month ago: $10 billion milestone reached

Author: Ana Paula Pereira, CoinTelegraph; Compiler: Deng Tong, Golden Finance

The recently launched spot Bitcoin exchange-traded fund (ETF) completed its first 20 trading days, with assets under management (AUM) ) reached the $10 billion milestone.

Data from BitMEX Research shows that on January 9, the net flows of these nine ETFs reached US$2.7 billion, led by the BlackRock IBIT Fund, which currently holds US$4 billion worth of Bitcoin. currency. In second place is Fidelity’s FBTC, with over $3.4 billion in BTC under management.

ARK 21Shares’ fund also reached the $1 billion milestone, holding about $1 billion worth of Bitcoin in its portfolio. Meanwhile, Grayscale has seen $6.3 billion in GBTC outflows over the past 30 days. On February 9, the fund recorded $51.8 million in outflows, its smallest single-day withdrawal since the switch.

Bloomberg analyst Eric Balchunas noted on A little weaker, but they are getting stronger."

Bitcoin ETF flows are expected to increase in the coming months as due diligence on investment vehicles is completed.

Bitcoin price consolidated above technical support in January, “including its 200-day moving average ($29,902) and on-chain moving average ($33,487),” according to recent analysis from ARK Invest. For the month, the cryptocurrency gained 0.6% to $42,585.

ARK Invest’s bullish view is that Bitcoin is replacing gold as a safe-haven asset. “The price of Bitcoin relative to gold has increased 20-fold over the past seven years. By January 2024, Bitcoin could purchase approximately 20 troy ounces of gold, compared to 1 troy ounce in April 2017.” “We believe , this trend should continue as Bitcoin’s role in financial markets continues to grow.”

Given the macroeconomic environment, the asset manager predicts that “as inflation cools and real interest rates rise , as banks continue to lose deposits, Bitcoin should remain antifragile."

The U.S. Securities and Exchange Commission (SEC) approved ARK on January 10 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock and Grayscale’s Bitcoin ETF applications come more than a decade after Cameron and Tyler Winklevoss applied to launch a Bitcoin ETF. 2013. Winklevoss Bitcoin Trust.