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The Bitcoin exchange rate has in recent days been hovering around $42,000 after the price on Friday passed 40,000 USD on the rise. Analysts and investors are wondering if the correction, from $48,000 down to $38,700 last week, is over in this half.
Figures from the US also suggest that after 11 trading days, the buyers of Bitcoin Spot-based ETFs are beginning to balance the selling pressure including from Grayscale. Although the exchange rates of other cryptocurrencies vary, so too does the value of the total crypto market, hovering around $1.7 trillion (in English: trillions) USD.
There seems to be consensus that the actual ETF approval by the US Treasury on January 10th, became a sell-the-news event. It just took some time. The biggest selling pressure has been from owners of Greyscale funds, where many have now been able to take profits after buying into rates well below NAV (Net Asset Value). But what has surprised many analysts is that many others, including investors who have had large Bitcoin holdings (so-called “whales”) have sold down and have not been as robust in their Bitcoin beliefs as many have assumed.
The closer one gets to experienced experts in the ETF market, the more unambiguous are also the conclusions that the Bitcon ETFs have already been a success in the short term. Bitcoin is now the second largest asset class in US ETFs, after gold, but along the way has lagged silver well behind it. Two of the funds have also brought in record-high numbers in a short space of time. The BlackRock fund now owns nearly 50,000 BTC and has over $2 billion under management in its Bitcoin Spot fund, while Fidelity has over $1.8 billion under management.
Many are also wondering if the sales pressure from Grayscale is abating. Friday 26. January sales from Grascale were $255 million, substantially below the daily sales levels of $460 - $640 million in the previous week. Norwegian analyst Vetle Lunde (K33), who has continuously kept his followers on X continuously updated, concluded on Friday that the ETF funds have contributed in total with an increased exposure in BTC of 17.910 BTC, after the new ETFs have bought 140.490 BTC, while Grayscale has sold out 122.580 BTC in total.
<span><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Jan 27 <br><br>New US ETFs currently hold 140,490 BTC. <br>GBTC has faced outflows of 122,580 BTC. <br><br>A net increase in US exposure of 17,910 BTC since launch. <br><br>FBTC has become the 3rd largest BTC ETF in the world by AUM, whereas IBIT is about to surpass the Canadian ETF's total BTC exposure. <a href="https://t.co/x38hXsrisx">pic.twitter.com/X38HxSrisx</a></p></blockquote></span> <a href="https://twitter.com/VetleLunde/status/1751163644300136763?ref_src=twsrc%5Etfw">-- Vetle Lunde (@VetleLunde) January 27, 2024<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></a>
The Bitcoin exchange rate has in recent days been hovering around $42,000 after the price on Friday passed 40,000 USD on the rise. Analysts and investors are wondering if the correction, from $48,000 down to $38,700 last week, is over in this half.
Figures from the US also suggest that after 11 trading days, the buyers of Bitcoin Spot-based ETFs are beginning to balance the selling pressure including from Grayscale. Although the exchange rates of other cryptocurrencies vary, so too does the value of the total crypto market, hovering around $1.7 trillion (in English: trillions) USD.
There seems to be consensus that the actual ETF approval by the US Treasury on January 10th, became a sell-the-news event. It just took some time. The biggest selling pressure has been from owners of Greyscale funds, where many have now been able to take profits after buying into rates well below NAV (Net Asset Value). But what has surprised many analysts is that many others, including investors who have had large Bitcoin holdings (so-called “whales”) have sold down and have not been as robust in their Bitcoin beliefs as many have assumed.
The closer one gets to experienced experts in the ETF market, the more unambiguous are also the conclusions that the Bitcon ETFs have already been a success in the short term. Bitcoin is now the second largest asset class in US ETFs, after gold, but along the way has lagged silver well behind it. Two of the funds have also brought in record-high numbers in a short space of time. The BlackRock fund now owns nearly 50,000 BTC and has over $2 billion under management in its Bitcoin Spot fund, while Fidelity has over $1.8 billion under management.
Many are also wondering if the sales pressure from Grayscale is abating. Friday 26. January sales from Grascale were $255 million, substantially below the daily sales levels of $460 - $640 million in the previous week. Norwegian analyst Vetle Lunde (K33), who has continuously kept his followers on X continuously updated, concluded on Friday that the ETF funds have contributed in total with an increased exposure in BTC of 17.910 BTC, after the new ETFs have bought 140.490 BTC, while Grayscale has sold out 122.580 BTC in total.
<span><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Jan 27 <br><br>New US ETFs currently hold 140,490 BTC. <br>GBTC has faced outflows of 122,580 BTC. <br><br>A net increase in US exposure of 17,910 BTC since launch. <br><br>FBTC has become the 3rd largest BTC ETF in the world by AUM, whereas IBIT is about to surpass the Canadian ETF's total BTC exposure. <a href="https://t.co/x38hXsrisx">pic.twitter.com/X38HxSrisx</a></p></blockquote></span> <a href="https://twitter.com/VetleLunde/status/1751163644300136763?ref_src=twsrc%5Etfw">-- Vetle Lunde (@VetleLunde) January 27, 2024<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></a>
