- Nine “new” spot Bitcoin ETFs raised 109,221 BTC.
- Due to the sales of GBTC, the net outflow from the instruments on January 22 reached 4,537 BTC ($179.6 million).
- Traders do not rule out a decline in Bitcoin to $36,000.
The holding volume of spot Bitcoin ETFs excluding Grayscale Bitcoin Trust (GBTC) has reached 109,221 BTC (~$4.26 billion), according to K33 Research.
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January 23
The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC.
BlackRock needed 7 trading days to become the third-largest BTC investment vehicle globally — set to become the second-largest after today.
Fidelity has also entered the top 4. pic.twitter.com/NUvkQQcHbt
— Vetle Lunde (@VetleLunde) January 23, 2024
The sample included products from:
- BlackRock (IBIT);
- Fidelity (FBTC);
- Bitwise (BITB);
- Ark 21Shares (ARKB);
- Invesco (BTCO);
- VanEck (HODL);
- Valkyrie (BRRR);
- Franklin Templeton (EZBC);
- WisdomTree (BTCW).
Among the new products, IBIT stands out – 40,213 BTC, FBTC – 34,152 BTC, BITB – 8800 BTC, ARKB – 7566 BTC, BTCO – 4642 BTC.
Arkham Intelligence experts have identified ETF addresses from BlackRock, Fidelity Investments, Bitwise and Franklin Templeton.
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IBIT iShares Bitcoin Trust
Holdings: 28.62K BTC
Value: $1.16B
Entity Link:https://t.co/e64glDMXxXFBTC Fidelity Wise Origin Bitcoin Fund
Holdings: 29.91K BTC
Value: $1.21B
Entity Link:https://t.co/gxugCID2whBITB Bitwise Bitcoin ETF
Holdings: 10.15K BTC
Value: $422.68M
Entity…— Arkham (@ArkhamIntel) January 22, 2024
They estimate that IBIT holds 33,431 BTC. FBTC – 29,907 BTC, BITB – 10,152 BTC, EZBC – 1660 BTC for $46.1 million.
K33 Research estimated GBTC Bitcoin reserves at 564,933 BTC. After converting the product to an ETF, its AUM dropped by 54,287 BTC.
CoinGlass gives other data – 552,680 BTC. According to the aggregator, the figure fell by more than 10%, from 619,220. The reduction of 66,450 BTC is equivalent to 60% of the coins held by the “new” spot Bitcoin ETFs.
Data: Coinglass.
According to The Blockon the seventh day of trading, product turnover amounted to $2.1 billion. More than half ($1.1 billion) came from GBTC.
Data: The Block.
Outflows from GBTC exceeded demand
Bloomberg analyst James Seyffart estimated the influx of funds into instruments on January 22 at $564.5 million. The leader was IBIT with $272 million, the second position was taken by FBTC ($159 million), the rest attracted a total of less than $100 million.
The total inflows were lower than the outflow from GBTC in the amount of $640.5 million. As a result, the spot Bitcoin ETF segment lost $76 million, which could cause the asset price to decline below $40,000.
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Update: BlackRock’s numbers are in for the #Bitcoin ETF Cointucky derby. Third biggest inflow day for $ GO yet at $272 million. Only -$76 million in net outflows for the day. pic.twitter.com/RzgH6qn5Md
— James Seyffart (@JSeyff) January 23, 2024
“Bad day. Today they withdrew more than $640 million. The outflow is not slowing down, but increasing. This is the largest for GBTC [с момента одобрения ETF]. The total amount currently stands at $3.45 billion.”he calculated.
According to Lookonchain calculations, the net outflow on January 22 amounted to 4,537 BTC ($179.6 million). 14,292 BTC ($565.84 million) were withdrawn from GBTC, which was only partially compensated by inflows into nine “new” ETFs — 9,755 BTC ($386.24 million).
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According to the latest data released on the website:#Grayscale decreased 14,292 $BTC($565.84M) yesterday.
8 ETFs added 9,755 $BTC($386.24M) yesterday, of which #Fidelity added 5,312 $BTC($210.33M). pic.twitter.com/CVBdH5iybB
— Lookonchain (@lookonchain) January 23, 2024
According to sosovalue.xyzin value terms, the AUM of 10 spot Bitcoin ETFs decreased by $2.82 billion.
Data: sosovalue.xyz
What to expect from the market?
In an interview with ForkLog, trader Vladimir Cohen noted pressure from GBTC holders, who, after more than two years, waited for the shares to turn positive. Their sales seem logical, he added.
The expert suggested that issuers of Bitcoin ETFs from 2022, even before the launch of the instrument, could enter into forward contracts with miners for the supply of digital gold. This could limit the scope of purchases after SEC approval of the product.
“It led to disappointment. Even long-term holders, observing such price dynamics, begin to unload. There is an oversupply of Bitcoin in the market [в виде GBTC] and lack of demand” Cohen explained.
In his opinion, the situation can be changed by an influx of fresh liquidity and a risk-on regime in the market.
“Those who expected growth after the adoption of ETFs have already bought. Interest rates remain high, yields on US Treasuries have returned above 4% and funds will not, under such conditions, buy BTC at the highs in almost two years. They will enter the market only after a serious correction, when the risk/reward ratio becomes more attractive,” – the trader explained.
The expert expects Bitcoin to move into the range of $36,000-38,000 and to lower levels in the absence of new demand.
“In a negative scenario, we are faced with panic selling and a move into the $25,000-30,000 range, which preceded buying on the narrative of ETF adoption. If Bitcoin trades in the range of $30,000-35,000 before halvingthis will create a good basis for continued growth,” Cohen concluded.
Let us remind you that Bitfinex experts pointed out the risks of a further fall in Bitcoin to $36,000.
Earlier, CoinDesk journalists learned about the sale of GBTC shares for $908 million from the bankruptcy estate of the FTX company going through bankruptcy proceedings.
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2024-01-23 14:34:55
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