The <\/span>Spot Bitcoin ETFs<\/span><\/a> have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin <\/span>BlackRock<\/span><\/a> and other issuers amassed in this week alone.\u00a0<\/span><\/p>\n

Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week<\/h2>\n

Data<\/span><\/a> from the on-chain analytics platform Lookonchain shows that the <\/span>Spot Bitcoin ETF issuers <\/span><\/a>combined to purchase over 19,908 BTC ($860 million) this week. Meanwhile, it is worth mentioning that Lookonchain\u2019s data didn\u2019t capture WisdomTree\u2019s BTC purchases in its analysis, suggesting that the figure could be way higher when the asset manager\u2019s purchases are also factored in.\u00a0<\/span><\/p>\n

Further data<\/span><\/a> obtained from Arkham Intelligence provided insights into how much Bitcoin <\/span>Wisdom Tree<\/span><\/a> obtained for its Bitcoin fund this week. 74 BTC is shown to have gone into the asset manager\u2019s wallet address for its Spot Bitcoin ETF. The addition of these crypto tokens means that all <\/span>Spot Bitcoin ETF issuers<\/span><\/a> combined to purchase almost 20,000 BTC this week alone.\u00a0<\/span><\/p>\n

Interestingly, Bitcoin ETFs were <\/span>recently reported<\/span><\/a> to hold 3.3% of Bitcoin\u2019s circulating supply, underscoring their success since launching. Data from Lookonchain shows that these ETFs currently hold over 657,000 BTC (excluding WisdomTree).\u00a0<\/span><\/p>\n

Matt Hougan, Bitwise\u2019s Chief Investment Officer (CIO), also <\/span>revealed<\/span><\/a> how these funds have seen flows of $1.7 billion after their first 14 trading days. This is more impressive as he made a comparison to <\/span>Gold ETFs<\/span><\/a>, which saw $1.3 billion in a similar time frame. In another <\/span>X post<\/span><\/a>, he mentioned how these Spot Bitcoin ETFs have taken $700 million in net inflows this week alone.<\/span><\/p>\n

<\/p>\n

BTC price recovers above $43,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\nBlackRock Finally Trumps Grayscale<\/h2>\nBloomberg analyst James Seyffart<\/span><\/a> mentioned in an <\/span>X post<\/span><\/a> that BlackRock\u2019s IBIT looks to have become the first ETF to trade more than <\/span>Grayscale\u2019s GBTC<\/span><\/a> in a single day. Before now, Grayscale had continued to record the most daily trading volume, although <\/span>IBIT had come close <\/span><\/a>on a couple of occasions.\u00a0<\/span><\/p>\n
From the data that Seyffart shared, <\/span>IBIT<\/span><\/a> looks to have recorded $301 million in trading volume on February 1, while GBTC saw $290 in trading volume. However, he further stated that the total trading on the day \u201cwas kind of a dud,\u201d with all Spot Bitcoin ETFs combined recording $924 million in trading volume.<\/span><\/p>\n
<\/p>\n
Interestingly, that happened to be the first day that the daily volume for Spot Bitcoin ETFs was under $1 billion. The Bloomberg analyst didn\u2019t, however, give any opinion as to what could have caused this relatively sub-par performance.\u00a0<\/span><\/p>\n
Featured image from U.S. Global Investors, chart from Tradingview.com<\/p>\n
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"
The Spot Bitcoin ETFs have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin BlackRock and other issuers amassed in this week alone.\u00a0 Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week […]<\/p>\n","protected":false},"author":1,"featured_media":15294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[335],"tags":[302,9274,6422,67,116],"class_list":["post-15293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-buyers","tag-institutional","tag-largest","tag-week"],"_links":{"self":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts\/15293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/comments?post=15293"}],"version-history":[{"count":0,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts\/15293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/media\/15294"}],"wp:attachment":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/media?parent=15293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/categories?post=15293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/tags?post=15293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}