Despite Grayscale’s Bitcoin sales impacting the market, new spot ETFs have been accumulating the asset aggressively, with approximately $5.6 billion worth acquired in the first ten days of trading, according to CC15Capital.

The nine newly launched spot Bitcoin ETFs have collectively purchased around 134,000 BTC since January 11. These funds have been instrumental in driving Bitcoin’s price above $42,000.

However, it’s important to note that this figure doesn’t include outflows from Grayscale, which has seen its GBTC holders rebalance their portfolios to lower-fee and higher-yield funds, exerting selling pressure on the spot markets.

Notable Buyers

BlackRock and Fidelity have been among the most significant purchasers of Bitcoin through these ETFs. BlackRock has acquired 49,952 BTC worth $2 billion, while Fidelity has bought 43,855 BTC worth $1.8 billion as of January 25. Ark 21Shares follows as the third-largest buyer, acquiring 13,285 BTC worth $555 million, trailed by Bitwise with 12,840 BTC valued at $536 million.

Grayscale’s Outflows Slowing

Despite the positive inflow of Bitcoin into spot ETFs, Grayscale’s outflows have been a significant factor. Grayscale experienced outflows of 116,507 BTC. However, there are signs that these outflows are slowing, with just $255 million or around 6,000 BTC leaving on January 26, according to BitMEX Research.

Overall, the trend in Bitcoin accumulation through spot ETFs remains positive, with new players, such as Schwab, expected to enter the market, further shaping the cryptocurrency narrative.

Schwab, with its substantial $8.5 trillion in assets under management, is not expected to remain on the sidelines in the growing Bitcoin ETF landscape.

Read more from the blog


3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market


24 Feb 2024

Shift in Perspective? Donald Trump Expresses Acceptance of Bitcoin


24 Feb 2024

Kraken Seeks Court’s Rejection of SEC Lawsuit