Topic: Bitcoin Spot ETFs hit $10 Billion milestone just one month after approval (Read 295 times)

unlocking coin from custody(to day-trade coin) is a situation of needing to undo share purchases to have unallocated shares, to then request to dissolve unallocated shares and unlock said coin..
these institutions are not going to use coins locked into ETF to day-trade spot. many securities laws and custody policy doesnt make it easy

however they may have extra coin not locked. which they can play on the spot market

.. much like whales had coins locked in futures contracts, but used a separate stash on the spot market to keep the prices down so their futures contracts fulfilled

So that's the reason why we have been seeing a good pump in BTC price in last few days.
Bitcoin has crossed $50k price for which we have been waiting a long time. Good to see BTC price back above $50k.


While that is true one important fact is that if a single entity holds a large amount of BTC it gives them direct power to manipulate the market.
It becomes easier for an entity to manipulate the price if it holds huge amount of that asset.

That's some impressive growth of a new industry, although not surprising because investment companies have been applying for Bitcoin ETFs for many years, which means that the demand for them has been around for a while. Thankfully, there's plenty of Bitcoin to go around, and 192k BTC is a little below 1% of the current circulating supply.
I don't think that this growth will continue at such a rapid pace, though. I'd be surprised to see 1 million BTC in ETFs in a year, for example. Then again, that would be just $52 billion worth of BTC, which also isn't that much in the grand scheme of things, so maybe it is a realistic assumption (assuming that the price doesn't change drastically).

I think people don't understand what decentralization is. Bitcoin is decentralized because of nodes and miners, not because of owners. People buying Bitcoin through ETFs so that these bitcoin are held by institutions in no way diminishes Bitcoin's decentralization. The ETFs have zero effect on nodes and miners.

You say its unfortunate this is not coming from the Bitcoin market directly. But the Bitcoin market IS anyone buying Bitcoin. ETFs are simply part of the Bitcoin market now. They've expanded the Bitcoin market, which is a great thing. Good money is both a transactional unit and a savings/investable unit, and ETFs simply make use of its great savings/investable property. All of this is the Bitcoin market. Like, you realize the "Bitcoin market" you are referring to is already centralized crypto exchanges right? haha. It's all the Bitcoin market, and most of the market buys through centralized entities, and some of the market participants have always kept their Bitcoin with these entities, which of course is the case with ETFs.


People seem to get very confused about what decentralization is, and their confused version of it makes them want to gate-keep Bitcoin and stop anyone with money or any govt or any company or any finance firm from buying Bitcoin, which is very against the ideals of Bitcoin.

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And in fact that comparison is worse than what you state. It's not even comparing one company to 11 companies. It's comparing one company to the entire US TradFi industry! Any TradFi investor who doesn't want to bother actually owning bitcoin, or any financial fund that literally can't own Bitcoin because Bitcoin isn't part of TradFi (ie retirement accounts, investment funds with rules on what they can buy), can only gain access to Bitcoin through the ETFs.

So it's comparing a single moderately sized corporation to literally millions of people and many companies combined haha.

Maybe 500k BTC, maybe 1 million BTC - but doesn't anyone think that spot BTC ETFs are not a one-way street and what will happen when all of them (or most BTC) go in the other direction? People who invest in this way have no other intentions than to profit, so even though it looks incredibly positive for the price right now, I think the next bear market will be one of the toughest we've had yet.

But there is no point in speculating about it and spoiling the moment of great enthusiasm, because the bulls have finally woken up and are destroying everything in front of them.

As far as I understand bitcoin spot ETF approval has a positive impact ETF approval increases both market efficiency and accessibility but bitcoin futures are a bit harder to predict. The crypto market is not stable but seeing the price go up a lot it doesn't take long to sink so it's just an investment hope. When it comes to growth nothing can stop bitcoin.

I don't think it's ok to compare an achievement of a number of multi billion dollar companies to a single one.
Microstrategy as a whole is worth close to 11 billion, while BlackRock alone is worth almost 120 billion, while Fidelity manages assets worth 4.5 trillion dollars.
Microstrategy showed them the way, but it's like a mouse on the path of an elephant. It will always be remembered as a precursor of institutional investments, but a year from now it's going to be so small compared to these guys that nobody will ever mention it in comparison.



Should we care? Eventually they'll run out and will need your botcoin and the one that all the legacy holders have. After all, there used to be only 3 million available on exchanges and I believe this is now much lower. Supply squeeze anyone?

It is quite unfortunate that such a huge amount of investment did not come to the Bitcoin market directly, rather it had been directed through the centralised entities. If this pace continuous, these corporates can easily out perform the retail investment segment. Probably that will mark and end to the decentralised nature of Bitcoin.

I was never much comfortable about this week corporates buying into Bitcoin. With their money power they can become the dominant players in the market and can manipulate the market as per their wish.

Yeah I've seen several people over the past month compare the ETF holdings to Microstrategy's holdings. The comparison doesn't make any sense. Comparing a single moderately sized corporation's holdings to an entire US ETF market for Bitcoin. That's like comparing apples and dolphins haha. Obviously the entire ETF market was going to vastly and quickly outstrip what a single $500 million dollars a year company can buy lol.


Besides, when you include all the GBTC selling, the ETF market has only actually added 50k BTC so far. At current price thats $2.5 billion AUM. Which is pretty fantastic for one month considering that probably several billion dollars left the market entirely through Grayscale, but still not close to what Microstrategy has at 190k Bitcoin. It'll take the ETF market several more months to have its net growth surpass Microstrategy's holdings. But as you said, its a nonsense comparison anyway.

It'll certainly be interesting to see how the ETF holdings grow and its effect on the bull market. Hitting new ATHs may very well come months earlier than expected. Well, we have already seen that each market cycle more and more people front-run the main part of the bull run. In 2017 the real explosive growth started around end of April, but next cycle it started in like Nov/Dec 2020, even though the halving period is only a month or two short of 4 years, so the 2020/2021 bull run came several months earlier that in 2017. With the help of ETFs buying up hundreds of thousands of bitcoin we may very well see the ATH this year get hit before end of the summer with the price continuing to boom after that. Though if it does come that early, I wonder if the bull run will still last until late 2025, or if it'll actually end around middle of next year.

Great interest in the ETFs so far. Hopefully we keep seeing them pull in 9 figure dollar amounts daily.

There are 11 Bitcoin Spot ETFs while only 1 MicroStrategy so this comparison is basically wrong. We can compare them just for rough information but with awareness that it is wrong comparison.

The accumulation from Bitcoin Spot ETFs is only at beginning and they will accumulate more Bitcoin, not only in this 2024 - 2025 bull run but in future years. Some says "Don't sell your bitcoin to Wall Street" and I agree with this saying.

How about people who are still worrying that will Bitcoin make a new all time high, will have to think of their fear again and again.

Spot ETFs scooping up Bitcoin like crazy is impressive especially compared to Microstrategy's slower accumulation. Predicting year-end holdings is tricky because the crypto market is wild like regulations, public opinion and economic shifts can throw things off. While more growth is likely, putting an exact number on it is like trying to predict the weather in a storm

Seems to me that the positive effect of BTC-ETF is now starting to trek in after its "gloomy" effect on BTC overall in the first week. With this kind of excitement, am sure that there will be more people and organizations taking a dip into the business of ETF...indirectly impacting the price of Bitcoin in the crypto market. I am really hoping that my cautious stance on ETF can be proven wrong since we all want what is really good for the cryptocurrency industry...an inclusive future of hope, growth, prosperity, peace and freedom.

Well, on the one hand it seems to have happened what most expected, that Bitcoin spot ETFs have increased demand driving the price up. But this is a double-edged sword that just as it can make it go up it can make it go down. It also pushes Bitcoin even further away from the initial idea of P2P.


That's not going to happen, at least for a significant percentage of spot ETF investors.

We knew it's going to happen because cryptos where money's found. We don't know future numbers but 1M's big so if they hold combined 1M by end of the year it'll be a big status for companies involved. It's going to test their patience when the first dump happens how many from the 192k bitcoin's going to be sold in panic?

It will be covered in the Bitcoin history book 

These "professional investors" would be pretty bad at investing if they sold everything before it even hit the ATH lol. If they know anything at all about Bitcoin they will be selling MUCH higher than the ATH.

There were those who thought that the hype around spot Bitcoin ETF will not be translated into a huge demand upon approval. They were wrong. And then there were those who thought that the hype of the approval and its accompanying high volume will not stay around for long. They were wrong again. It seems the hype is somehow sustained. It's been a month already and it's been running strong. I think this itself is a huge boost, will encourage those who haven't jumped in yet, those who are observing from the sidelines, to finally join.

However, I still hope that many of those who are spot ETF investors would one day get hold of real Bitcoin and keep them under their own full control.

Some of these bitcoins were probably been bought before the ETF approval example those sold off by Garyscale but still this institutions are gradually buying this bitcoins which to me will definitely stop or drastically reduce as the time goes on because I feel this is just a FOMO period for even them. After they got the approval People thought they could have impact on the bitcoin most likely a huge price surge but it didn’t happen because it wouldn’t be manipulated.



Seriously Microstrategy has been doing well in accumulating bitcoin, last year or year before they borrowed some funds to actually use to buy an later in the middle of last year they sold some partials  and then settle the loan amount which is a great strategy. This is not an investment advice to borrow money and invest in bitcoin because it is a bad idea but it is to show that if large investors like this can risk it then we should also give it a try and invest for longer time

I most admire Michael Saylor as this guy experienced the ups and downs of Bitcoin multiple times but they still keep buying Bitcoin, a real definition of diamond hands.
These numbers are not a joke already. Also, this is one of the many reasons I am not afraid to buy and hold Bitcoin.

This is a very large number of bitcoin holdings going for the spot bitcoin ETF and we should expect a big change from the market in the soonest before the bull run or probably after it. Owning such a large number of bitcoin by a centralized entity signifies a very big impact in the market when they want to move the market in their favor.

For now, I expect to continue seeing more and more buying until the current ATH is exceeded, we could get a new ATH by next year but i expect a fall in the price when these investors want to take profit from their investment through the spot ETF. It is very important to be cautious until the massive sell off from these investors looking to make profit at when due immediately.

id say $2billion were of grayscale (owned by DCG) baskets, where DCG sold its positions to get cash out(civil costs and court order fines and debt payoffs)
where by other AP bought the sudden influx of coin on coinbase prime OTC to then put into other ETF
id say $6b was AP's already invested in grayscale when it was a closed trust, finally escaping, and then trading it back into other ETF
id say $2b was probably new AP signing upto grayscale to buy other shares unallocated and then exiting grayscale to go to other ETF

AP's entering blackrock were on a transfer of $100m a day on average, although friday seen them bring in $200m of coin

so id say, yes there was probably some back-yard chats and deals done between grayscale and other AP's wanting to exit but were told to only leave in queue order or to a daily basket limit amount per day

Do you recon that was money which was vouched from day 1 of the ETF applications
and as soon as they went live the monies were released into the ETF's?

From here on it should be new purchases, just in time for post halving.


I would say that there are a mixed lot, like ourselves here on the forum, some will sell
and take profits to buy back at a later stage, others will HODL with a long term view
and others might do a mix of both, sell some and HODL some.

Thats maybe not how it works at all.

coins locked into a ETF already made their money back..

yes they bought 190k from mostly grayscale in a month.. but even while locked into a custodian. they then sold shares. so they have their money back already. (via share sales)

Now ask yourself how many coins will these people sell during the bull run. They are professional investors, unlike Bitcoin hodlers who set unrealistic price goals, these people will not miss out on an opportunity to take good profits. So don't listen to Cathie Wood or Michael Saylor when they predict where the next ATH will be, because they will sell way below that and crash the market.

2016 blocks =~ a fortnight
less than 5 fortnights (10 weeks) to go

I expect a fakeout to 50k region to wipe out the shorts, then a breakdown from a mixture of events. I think Mt Gox + dramatic interest rate rises are the likely catalysts for a breakdown, wiping longs out before the bull run goes into full swing.


Is there a realtime/live graph of cumulative total inflows for all spot ETFs? It'd be good to track this metric a little more closely.


I do have a feeling that the forces aiming to capitalize most from this market do need to break that FOMO in order for maximum value. Wiping all longs out now before a bull run could be extremely profitable for these forces...



...damn, time goes quickly!

technically all ETF always had over 190,000btc

grayscale had >640,000 from day one
only difference is that now OTHER ETF have 190k+ total and grayscale scale is down to 466,534

in short.. all etf have not accumulated that many new coins that were not already locked up for years via potential ETF

FOMO has already started when it was approved last month, and in a month's time we have felt the effect of that. This institutions have capitalize on news and rumors already. And all the signs have been pointing to a good pump before the halving. And those speculators who have predicted that we might hit $50k prior to that activity, might be actually right after all.

So "moonboys" be ready now,



https://mempool.space/block/000000000000000000011d55599ed27d7efca05f5849b755319c89eb2cffbc1f

We are only 10,000 blocks left until halving!!!

Yes the last 2 days we got almost $1B in positive flows. I am surprised. Most likely this week we will attempt to break the yearly high and head towards the $50K area.

As long as we get positive flows everyday in the 9 fig range then we should keep rallying and the FOMO will start. Then if we break the ATH people will be buying because they will expect that we get at least $100K. But if the flows start to turn negative again then we might be topping out again. However with the stock market hitting new highs we should keep pumping.

All the US spot bitcoin ETFs now hold a combined total of 192,000 bitcoin assets under management, recently surpassing Microstrategy's holdings of 190,000.

The difference is it took Michael Saylor two to three years to amass that amount. The Spot bitcoin ETFs did it in one month! That is crazy.
To say the spot ETF launch has been a success would be an understatement. It may  be the most successful spot ETF launch in history.

How many bitcoin do you think these funds will hold by the end of the year? Over a million? The sky is the limit.

https://cointelegraph.com/news/bitcoin-etfs-hit-10b-milestone-just-month-after-approval