Spot Bitcoin ETFs are on a buying spree, amassing 216,309 Bitcoins (worth $10.3 billion) in just 21 days since their launch. This surpasses even the holdings of MicroStrategy, the previous frontrunner with 190,000 Bitcoins.
The launch of Bitcoin exchange-traded funds (ETFs) in the US has raised concerns about potential risks to the financial system. Experts warn that these ETFs could exacerbate volatility in the Bitcoin market and create systemic risks, causing ripple effects throughout the financial system.
Standard Chartered Bank has predicted a surge in the price of Ethereum (ETH) in the coming months, with expectations of reaching $4,000 by May. The bank’s research team believes that the approval of spot-based Ethereum ETFs in the United States will be a key driver for this increase.
Large investors, often referred to as ‘Bitcoin whales’, have reportedly accumulated approximately $3 billion worth of Bitcoin (BTC) this month. This significant increase in activity comes as Bitcoin exchange-traded funds (ETFs) experienced net inflows of $820 million in the same period. The data reveals that the amount of Bitcoin held in wallets owning over 1,000 BTC has surged by approximately 76,000 BTC. This substantial uptick in whale accumulation underscores the growing interest of large entities and investors in Bitcoin, particularly in the wake of several developments within the cryptocurrency market.
Harvest Hong Kong, one of China’s largest fund companies, has submitted an application for a Bitcoin spot ETF to the Hong Kong Securities and Futures Commission. This marks the first time that an institution in Hong Kong has submitted an application for a Bitcoin spot ETF.
Brace yourselves, crypto enthusiasts! A significant Bitcoin transfer is expected as U.S. markets open on January 29. An estimated 12,504 BTC, valued at roughly $525 million, will be on the move across various ETF custody addresses. This news, shared by analyst @EmberCN, has sparked discussions about potential implications for the crypto market.
Google has a policy update scheduled for January 29 to allow some crypto products to be advertised. Crypto market speculates that Bitcoin ETF ads could feature as issuers double down on commercials. Financial products that allow investors to trade shares in trusts holding large pools of digital currency qualify for Google’s selection criteria.
The Fidelity Bitcoin Spot ETF (FBTC) has ascended to become the world’s third-largest Bitcoin ETF in terms of assets under management (AUM). This news broke courtesy of Vetle Lunde, senior analyst at K33 Research, whose post on the X platform paints a comprehensive picture of the state of Bitcoin spot ETFs in the United States.
Retik Finance has raised $15.3 million through its presale which has entered the 7th stage.
Bitcoin climbed higher to end the week as investors took some comfort in the idea that outflows from the Grayscale Bitcoin ETF (GBTC) could be starting to taper off.