The top four spot Bitcoin ETF issuers namely, BlackRock’s iShares Bitcoin ETF (IBIT), Fidelity (FBTC), Ark Invest (ARKB), and Bitwise (BITB) bought a total of 56,954 BTC this week. This is according to data made available by HODL15Capital on X, a prominent Capital compounder entity known for its insights into cryptocurrency markets.
Spot Bitcoin ETFs: Acquired Coins Versus Accumulated
According to the data shared, the Big 4 ETFs have been consistently purchasing a substantial amount of Bitcoin each week since their inception, contributing to the ongoing accumulation trend in the cryptocurrency space. The data tracked purchases made by these top four right from when approval was granted by the United States Securities and Exchange Commission (SEC) back in January.
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The chart reveals that the weekly Bitcoin mining output, represented by the red line in the data provided as shown stands at approximately 6,300 BTC. This statistic serves as a point of reference, highlighting the contrast between the newly minted Bitcoin through mining and the sizable purchases made by institutional investors through ETFs.
The analysis additionally reveals that during the nine weeks examined, the major four Bitcoin ETF products accumulated an average of 40,000 BTC. This indicates that, except the initial launch week, the volume of purchases decreased only in the fifth and seventh weeks.
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The major players achieved their highest level of acquisition during the second week, accumulating 68,000 BTC sourced from mining activities. They briefly approached this threshold again in weeks six and nine. On March 1, Bloomberg and BitMEX Research data revealed that Bitcoin exchange-traded funds (ETFs) experienced a net outflow of $140 million.
The The Big Four ETF Issuers Fared
BlackRock, aside from the opening week, maintained its lead of the pack as it amassed over 31,000 BTC in the past week. It was closely followed by Fidelity Investments which bought 19,960 BTC. The other two managed to buy up a little over 5,400 BTC.
During pre-market trading on Wednesday, the iShares Bitcoin ETF (IBIT) from BlackRock experienced a 9% surge, reaching $38.50. Similarly, FBTC, the spot Bitcoin ETF from Fidelity Investments, joined BlackRock and surpassed other funds in the market, collectively attracting 79% of the total inflow into this ecosystem since inception. Ark Invest and Bitwise also recorded 2845 BTC and 2561 BTC respectively.
Overall, the performance of the big four is reflected in the price action of the underlying asset for the week as Bitcoin recorded two pronounced all-time highs with the most recent pegged above $70,000. At the time of writing, Bitcoin is changing hands for $68,503.72, up by 10.59% in the past week.
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- Disclaimer
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
