Newly launched Bitcoin ETFs (exchange-traded funds) in the United States have amassed a significant portion of BTC.
Indeed, the swift accumulation rate underscores the growing influence of these ETFs in the US, providing investors with new avenues for exposure to the world’s flagship cryptocurrency.
Bitcoin ETF Holdings
Data from CryptoQuant shows that the combined holdings of the Bitcoin ETFs in the US now exceed 638,900 BTC, equating to around $26.8 billion.
Grayscale’s Bitcoin Trust, GBTC, is leading the pack, boasting 566,973 BTC valued at over $23 billion. However, since its launch, the financial product has experienced notable outflows, shedding approximately $5.5 billion in assets. Observers attribute these outflows to bankrupt FTX and investors capitalizing on prior arbitrage opportunities.
“The more we think about it and talk to people, prob only a small minority of the GBTC outflows are likely going to the nine right now, as much of it was FTX and traders who earned discounts. Also, the proportionality of the flows to the size of the firm is almost perfect, indicating flows due to reach/distribution/hustle,” senior ETF Analyst at Bloomberg Eric Balchunas said.
In contrast, the recently introduced ETFs demonstrate an intriguing trend in Bitcoin accumulation. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) have acquired over 20,000 BTC, respectively. This has propelled their assets under management to surpass $1 billion within the first six trading days.
Balchunas also spotlighted BlackRock’s ETF performance. He noted that IBIT has entered the top 15% of all ETFs by assets and ranks in the top 2% when measured by daily volume. Moreover, ETF issuers, including Bitwise, ARK 21 Shares, Invesco/Galaxy, Valkyrie, VanEck, Franklin Templeton, and WisdomTree, collectively hold a balance of around 23,000 BTC.
List of Bitcoin ETF Issuers in the US and Their BTC Holdings:
Ticker Issuer Bitcoin Holdings GBTC Grayscale 566,973.41 IBIT BlackRock 28,622.13 FBTC Fidelity 20,466 BITB Bitwise 8,294 ARKB Ark/21 Shares 7,565 HODL VanEck 2,150.07 BTCO Invesco/Galaxy 1,871 BRRR Valkyrie 1,737.23 EZBC Franklin Templeton 1,160 BTCW WisdomTree 111 Bitcoin ETF Holdings. Source: CryptoQuant
BTC Price Prediction
Since the ETF launches, Bitcoin’s price performance has shown relative restraint. Analysts, however, foresee a potential reversal of this trend, anticipating improved market conditions and diminished selling pressure from GBTC.
Santiment, a leading blockchain analytical firm, highlighted bullish signals on Bitcoin’s Relative Strength Index (RSI) and MVRV. The firm observed these signals as the cryptocurrency surged beyond the $42,000 threshold on January 19.
Also, a technical analyst under the pseudonym CryptoCon added to the optimistic outlook. Based on his analysis, Bitcoin could reach $130,000 by late 2025.
“By the Halving Cycles Theory date of +/- 21 days from November 28th, 2025, here are the prices of the top 3 bands: Layer 7: 180k. Layer 6: 130k. Layer 5: 94k. The layer 6 price of 130k lines up with around 5 other price experiments that I have performed for the cycle top,” the analyst explained.
Bitcoin Price Performance. Source: The Bitcoin Data Newsletter
However, the analyst noted that history suggests Bitcoin could reach $180,000 instead, a more conservative approach is advisable due to the potential failure of these pricing models.
Disclaimer
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