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CC15Capital reports large scale Bitcoin purchases made by spot ETF (exchange-traded fund) Bitcoin holdings. Since January 11, the nine recently launched funds have acquired about 134,000 BTC. At the same time, Bitcoin’s price has scaled above the $42K mark. The accumulated stash’s current estimated value stands close to $5.6 billion. Nevertheless, this figure does not account for the outflow from Grayscale.
Grayscale Bitcoin Trust (GBTC) holders have been liquidating their shares and adjusting their portfolios towards funds that show lower fees and superior yields. This activity adds increased selling pressure to spot markets. BlackRock and Fidelity are leading the pack in Bitcoin purchases. As of January 25, BlackRock secured 49,952 BTC valued at $2 billion, and Fidelity obtained 43,855 BTC costing $1.8 billion. Bitcoin’s inflow to spot ETFs is only 17,272 BTC, approximately $719 million, after considering Grayscale’s outflow of 116,507 BTC. Even so, Grayscale’s outflows seem to be decelerating, evidencing just $255 million or around 6,000 BTC in outflows on January 26, as reported by BitMEX Research.
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