Nine new spot Bitcoin ETFs have accumulated over 100,000 BTC, valued at $4 billion AUM. BlackRock’s IBIT leads with 40,213 BTC.
China is reportedly planning to inject $278 billion in liquidity to boost its stock markets and these reports have led to positive price movements in its asset markets but not for Bitcoin.
Bitcoin has fallen below $40k despite the SEC’s approval of spot ETFs, with the Grayscale ETF losing more than $2 billion since then.
The heightened volatility has triggered the liquidation of almost $30 million worth of leveraged Bitcoin positions.
Despite the recent challenges, SkyBridge’s founder and managing partner, Anthony Scaramucci, expressed optimism about Bitcoin’s future.
Recent data reveals that the new spot ETF issuers have accumulated more than 68,000 Bitcoin in their first week of operation.
The total assets under management of all Bitcoins ETFs combined is more than double of the Silver ETFs available in the market.
Bernstein notes that the underperformance in Bitcoin mining stocks could provide an accumulation opportunity for long-term investors.
SkyBridge’s Anthony Scaramucci stated that Bitcoin price could surpass $170,000 a year after Bitcoin halving in April 2024.
Analysts anticipate that the outflows from Grayscale’s Bitcoin Trust (GBTC) ETF, coupled with investors shifting to lower-fee options, will exert downward pressure on Bitcoin price.
Home pages of some spot Bitcoin ETF issuers now boldly show visitors that these funds are available to all interested members of the public.
It is expected that the demand for Bitcoin will rise in ways that have never been seen in its entire history.
According to Scaramucci, Bitcoin should benefit immensely from the spot Bitcoin ETFs the SEC recently approved for trading.
Post the Bitcoin ETF approval, the Bitcoin halving in April 2024 will prove to be a major catalyst in driving the BTC price above $100,000 by the end of the year.
The extreme volatility in the Bitcoin market caused liquidations of more than $170 million after spot BTC ETFs went live.