Fred Thiel: Bitcoin ETF will bring “a lot of liquidity” to the market
Fred Thiel, the chairman of listed mining company Marathon Digital Holdings, discussed why he thinks a Bitcoin ETF is good for the cryptocurrency market and stated that he expects the performance of a Bitcoin ETF to be similar to that of gold as it matures, bringing "a lot of liquidity" to the market.
Bitcoin ETFs Receive $700M Inflows As GBTC Outflows Slow
Last week, Bitcoin investment vehicles received over $700 million in new funds, with inflows to new spot Bitcoin ETFs offsetting the outflows from Grayscale's GBTC. BlackRock's IBTC and Fidelity's FBTC were the clear leaders among the newly issued spot Bitcoin ETFs, receiving $884 million and $674 million in weekly inflows, respectively. Meanwhile, investors withdrew $927 million from GBTC, a significant drop from the previous week's $2.2 billion. The new Bitcoin ETFs have amassed $7.7 billion in funds, more than offsetting the $6 billion outflows from incumbents.
Facebook and Instagram may soon allow spot Bitcoin ETF ads
ETF Store President Nate Geraci stated on social media that Facebook and Instagram may soon allow advertising for spot Bitcoin ETFs.
Global X withdraws spot Bitcoin ETF application
A document submitted by the US Securities and Exchange Commission on January 30th showed that Cboe BZX Exchange submitted a notice of withdrawal on January 26th. Global X, which applied for the first US Bitcoin ETF in 2021, became the first company to abandon its plan after the SEC approved 11 applications earlier this month.
Bitcoin Futures Demand Slows as Spot ETFs Gain Popularity
The demand for Bitcoin futures has decreased since the launch of spot Bitcoin ETFs earlier this year. CME Group Bitcoin futures open interest has dropped by 24% since the introduction of 10 spot Bitcoin ETFs three weeks ago. The decline in open interest is due to the availability of spot ETFs serving a similar purpose. However, CME Bitcoin futures remain crucial, highly liquid components of the crypto market and can serve as hedging tools for authorized participants involved in managing the creation and redemption of ETF units. The introduction of spot Bitcoin ETFs has reshaped the market landscape, with the well-established Grayscale fund transitioning to an ETF format and experiencing a shift in shares.
Bitwise: BITB holds 14,039.54 Bitcoins as of January 29
Bitwise has released updated position data. As of January 29, 2024, its Bitcoin exchange-traded fund BITB holds 14,039.54 BTC, with a market value of $605,018,939.31. The current circulating shares of BITB are 25.75 million, with each share holding approximately 0.000545 BTC.
Analysis of the Bitwise Bitcoin ETF and its Impact on the Market
The Bitwise Bitcoin ETF (ticker: BITB) has recently marked a significant milestone in the cryptocurrency industry by becoming the first US Bitcoin ETF to publicly disclose the Bitcoin addresses holding its assets.
Hong Kong to Launch Bitcoin ETFs and Stablecoin Regulations in 2024
Hong Kong is set to speed up the development of its crypto market infrastructure in 2024, with plans to launch Bitcoin exchange-traded funds (ETFs) and implement stablecoin regulations. Asset manager Harvest Fund has filed for a spot Bitcoin ETF with the Hong Kong Securities and Futures Commission, with the launch expected after the Lunar New Year holiday in February. Other financial institutions have also expressed interest in launching spot Bitcoin ETF products in Hong Kong this year. Meanwhile, several Hong Kong companies are discussing potential stablecoin trials with the Hong Kong Monetary Authority ahead of impending stablecoin regulations.
Bitwise CEO: BITB’s asset management scale has exceeded US$550 million
Bitwise CEO Hunter Horsley has revealed that $31 million has flowed into its Bitcoin ETF "BITB" today, representing effective purchases of Bitcoin by investors. Currently, the Bitcoin asset management scale of the ETF has exceeded $550 million. Hunter Horsley stated that Bitwise is creating a first-level ETF specifically for the unique nature of Bitcoin, with the lowest fees for investors, and has previously announced that 10% of gross profit will be used for Bitcoin open source development.
K33 senior analyst: Bitcoin ETF currently holds more than 126,000 BTC
Vetle Lunde, a senior analyst at K33Research, stated in a post on X platform on January 25th that the Bitcoin ETF currently holds over 126,000 BTC. IBIT has become the second largest BTC investment tool in the world, still lagging behind GBTC. All of the top 4 Bitcoin ETFs are now registered in the United States.
