Over the past week, the system for Bitcoin Exchange-Traded Funds (ETFs) has seen more investments flowing in, suggesting a return to regular patterns. However, the Bitcoin market has experienced drops in price leading to selling off, which has dampened investor enthusiasm. According to Glassnode data, there’s been a significant change in Bitcoin ETF inflows compared to the sell-offs observed earlier in 2023.
Spot Bitcoin ETF inflow data
Based on Glassnode’s data, there was a record flow of about 17,567 Bitcoin units, worth around $1.7 billion, into the Bitcoin ETF. This is more than the inflow of roughly 15,900 BTC, or $1.35 billion, observed in the Bitcoin ETF market from October to December last year.
As a researcher, I’ve noticed an uptick in demand for US spot Bitcoin ETFs after a relatively sluggish start to the year. In the week commencing January 6th, inflows amounted to approximately 17,567 Bitcoins, translating to around $1.7 billion USD. This figure is slightly above the weekly average of roughly 15,900 Bitcoins or $1.35 billion USD from October to December 2024.
— glassnode (@glassnode) January 13, 2025
Major institutional investors continue to be the primary supporters of Bitcoin Exchange-Traded Funds (ETFs). Previously mentioned entities like BlackRock and Fidelity Investments have been leading the way as main distributors of these financial products, marking a year since their introduction just recently.
Based on information from Glassnode, BlackRock currently owns approximately 559,673 Bitcoins in its total assets. Fidelity is close behind with around 205,488 Bitcoins, while Grayscale Investments holds about 204,300 Bitcoins. This week’s forecast is uncertain as Bitcoin’s price has been under pressure, potentially dropping below the $90,000 support level as selling increases.
Market insulator
Investors of Spot Bitcoin ETFs continue to be the primary drivers of demand for digital currencies. Similarly to MicroStrategy Inc., as stated by Michael Sayor, the ecosystem surrounding the Spot Bitcoin ETF serves as a crucial buffer, ensuring the price maintains stability.
The appeal and promise of Bitcoin relies significantly on its robust technical qualities as a deflationary currency. As per experts in the field, it’s possible that institutional investors may have reached the bottom with their sell-offs. Now, these major players (often referred to as “whales”) are deciding to reinvest their capital back into the market at a somewhat reduced price.
Much like the surge in hoarding by big investors in Ethereum and PEPE, there has been a noticeable increase in Bitcoin’s appeal among top-tier investors. This trend has resulted in encouraging growth patterns for the cryptocurrency.
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2025-01-13 17:59