Bitcoin ETFs Attract Nearly $1 Billion in Just 24 Hours

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As a seasoned crypto investor with a decade of experience under my belt, I must say that the latest market trends are both intriguing and predictable at the same time. The surge in Bitcoin ETF investments, particularly by ARK Invest’s ARK 21 Shares Bitcoin ETF, is a testament to the growing acceptance and trust in digital assets. However, it’s not surprising that traditional heavyweights like BlackRock are playing catch-up.

With Bitcoin (BTC) consistently reaching new record high prices, there’s also an increase in news concerning investment products tied to this primary cryptocurrency. As per recent figures from Lookonchain, the amount of Bitcoin injected into the wallets of ETF issuers within the past day was approximately 9,363 BTC, which equates to around $884.9 million.

It’s noteworthy that ARK Invest’s ARK 21 Shares Bitcoin ETF surpassed BlackRock as the top holder, increasing its Bitcoin holdings by 2,871 coins. Conversely, BlackRock experienced inflows of 2,321 BTC during the same period.

The Fidelity Wise Origin Bitcoin Fund received a significant amount of 2,753 BTC, and it’s not just one of many funds; it ranks quite low in terms of position. On the other hand, other competitors in the Bitcoin ETF market reported less substantial inflows.

11th November Update (from my perspective as an analyst):

— Lookonchain (@lookonchain) November 20, 2024

Currently, BlackRock owns approximately 474,276 Bitcoins in its assets, making it the institution with the largest Bitcoin holdings. Coming in second is Fidelity with around 194,078 Bitcoins. ARK Invest rounds out the top three with 21 Shares, which equates to a combined holding of approximately 49,699 Bitcoins. The dynamics of the market are vividly depicted by the data on investments into Ethereum Exchange-Traded Funds (ETFs).

When is altcoin season?

In contrast to Bitcoin reaching new price peaks, Ethereum is hitting record lows relative to it, a level not seen since 2021. Furthermore, data from Lookonchain indicates that Ethereum ETFs have experienced withdrawals of approximately 26,071 ETH, equivalent to around $81.16 million, over the past day.

It’s clear so far that most funds and focus are going towards the leading cryptocurrency, leaving altcoins, particularly Ethereum-led ones, in the shadows. Although there are promising indicators, it’s hard to imagine these altcoins achieving stability at this point.

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2024-11-20 19:11