Bitcoin

BlackRock Spot Bitcoin ETF Now Holds 45,688 BTC Worth Over $1.8 Billion

Key Points:

BlackRock spot Bitcoin ETF and Fidelity spot Bitcoin ETF see massive inflows into their Bitcoin ETFs, while outflows hit a high point.
Significant outflows occur from Grayscale’s Bitcoin Trust ETF.
The SEC extends the deadline for BlackRock’s Ethereum ETF proposal, reflecting cautious regulation.

BlackRock spot Bitcoin ETF and Fidelity spot Bitcoin ETF have reported substantial inflows, securing $1.9 billion and $1.6 billion, respectively.

BlackRock Spot Bitcoin ETF Now Holds 45,688 BTC Worth Over $1.8 Billion 2

As dominant issuers among a select group of 10 asset managers approved by the U.S. Securities and Exchange Commission (SEC) to list such products, their ETFs have rapidly gained popularity. According to the current data, BlackRock now holds 45,668 BTC worth over $1.8 billion for their spot Bitcoin ETF.

However, recent data from Bloomberg Intelligence indicates that spot Bitcoin ETFs experienced their highest net outflows in a single day on Wednesday, primarily due to a slowdown in BlackRock spot Bitcoin ETF. The 10 U.S. funds holding BTC directly recorded outflows of $158 million on their ninth day of trading, marking the most significant single-day outflow to date.

The negative trend is further accentuated by Grayscale Investments’ Bitcoin Trust ETF (GBTC), which saw a substantial $429 million leaving the fund. Despite this setback, both BlackRock spot Bitcoin ETF and Fidelity spot Bitcoin ETF have emerged as frontrunners in the ETF race, achieving the milestone of reaching $1 billion in assets under management (AUM) at an unprecedented pace. Their success can be attributed to their formidable presence on Wall Street as two of the world’s largest financial firms.

In a related development, the U.S. Securities and Exchange Commission (SEC) has extended the deadline for its decision on the spot Ethereum ETF proposal submitted by BlackRock. Citing the need for additional time to conduct thorough assessments, the SEC has pushed the deadline to March 10, with the final decision deadline set for August 2024.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.