BlackRock and Fidelity Dominate Bitcoin ETF Holdings 💼

Nine new ETFs have accumulated a total of 177,949 Bitcoins, removing billions of dollars worth of BTC from the market following outflows from GBTC.

Latest Bitcoin ETFs contain 178,000 BTC, causing significant liquidity outflow from the market.

Introduction 📜

In a recent development in the world of cryptocurrency, nine new spot Bitcoin exchange-traded funds (ETFs) have increased their Bitcoin holdings. These ETFs were launched on January 11, 2024, and have attracted significant attention from investors. In this article, we will dive into the details of these ETFs and analyze their impact on the market.

The Giants of Bitcoin ETFs 🏦

The two major players in the Bitcoin ETF landscape are BlackRock and Fidelity. These financial institutions dominate the field, together holding nearly 75% of the total Bitcoin accumulated by the nine ETFs. BlackRock’s IBIT now holds an impressive 72,466.64 Bitcoin, valued at $3.12 billion. Fidelity’s Wise Origin ETF, FBTC, is not far behind, with 60,054.87 BTC, approximately valued at $2.58 billion. These numbers illustrate the tremendous confidence these giants have in the future of Bitcoin.

GBTC’s Decline and the Rise of New ETFs 📉

While Grayscale’s Bitcoin Trust (GBTC) has seen a decline in its Bitcoin reserves, the newly launched spot Bitcoin ETFs have accumulated a significant amount of BTC. These nine ETFs, namely IBIT, FBTC, ARKB, BITB, BTCO, HODL, BRRR, EZBC, and BTCW, collectively hold 177,949 Bitcoin. This signifies a shift in investor preferences towards ETFs and reflects the growing interest in cryptocurrencies as an asset class.

A Closer Look at the Leading ETFs 👀

BlackRock’s IBIT currently leads the pack among U.S. spot Bitcoin ETFs, excluding Grayscale’s GBTC. With 72,466.64 BTC, IBIT accounts for 0.369% of the total 19.61 million BTC in circulation. Fidelity’s FBTC closely follows, managing 60,054.87 BTC, representing 0.306% of the circulating Bitcoin. These impressive holdings highlight the substantial investments being made by these financial powerhouses.

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BTC Holdings by Other ETFs 💼

Apart from BlackRock and Fidelity, other ETFs also hold significant amounts of Bitcoin. ARKB, managed by Ark Invest, boasts 15,890 BTC, while BITB by Bitwise holds 15,053.66 BTC. Together, these two ETFs control 30,943.66 BTC, equivalent to 0.157% of the circulating Bitcoin supply. Additionally, the Invesco Galaxy ETF manages 7,081 BTC, constituting 0.036% of the total Bitcoin supply. Valkyrie’s BRRR ETF has gathered 2,649.46 BTC, and Franklin Templeton’s EZBC fund holds 1,479 BTC. Wisdomtree’s BTCW maintains a position of 276 BTC. Collectively, these four ETFs possess 7,402.94 BTC, which is 0.037% of the total circulating Bitcoins.

The Grand Total Bitcoin Supply 💰

When considering all ten ETFs, including GBTC, the cumulative holdings amount to 656,286.54 BTC. This represents 3.345% of the existing 19.61 million BTC. Although GBTC’s BTC reserves have decreased, the rise of the other ETFs compensates for the reduction. The divestment of 138,742.56 BTC from GBTC and the nine other ETFs has caused a withdrawal of 39,206.55 BTC, valued at $1.68 billion, from the market. This reduction in liquidity is expected to result in a supply crunch, potentially influencing the prices of alternative cryptocurrencies as well.

Algotech (ALGT): Your Gateway to 20x Gains 🚀

Amidst this Bitcoin ETF buzz, another game-changer has emerged. Algotech (ALGT), an algorithmic TradFi platform, offers an exciting value proposition for investors seeking better gains than Bitcoin alone. The platform’s deflationary tokenomics and community-centric model have attracted attention and raised over $1.1 million in its private seed round. Analysts predict up to 20x gains for Algotech (ALGT) in the future.

Key Features of Algotech (ALGT) 🗝️

Beyond potential gains, Algotech (ALGT) offers breakout identification, hedging, and mean reversion capabilities for traders. Moreover, token holders receive governance rights and a share of the project’s overall profits. This combination of features positions Algotech (ALGT) as a leading choice for investors seeking growth and community involvement.

Reference Links 📚

1. Algotech Presale – CoinJournal
2. Join The Algotech Community – CoinJournal
3. Google News – Latest Bitcoin ETF News

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