Crypto News- The nine newly sanctioned spot bitcoin exchange-traded funds (ETFs) in the United States appear poised to outpace the holdings of the Grayscale Bitcoin Trust (GBTC) today.
As per insights from K33 Research’s senior analyst, Vetle Lunde, GBTC had accumulated 400,186 bitcoins as of the previous day, whereas the “newborn nine” U.S. spot bitcoin ETFs collectively held 397,847 coins.
Bitcoin ETF Holdings Poised to Overtake GBTC Today
An intriguing observation is the net inflow of 6,965 bitcoins recorded yesterday. Should this trend persist, it signals a potential overtaking of GBTC by the ETFs. Notably, spot bitcoin ETFs have emerged as a significant success in the U.S. market. BlackRock’s IBIT offering, for instance, experienced a record daily inflow of $788.3 million on Tuesday, coinciding with a combined trading volume of nearly $10 billion across spot ETFs.
Furthermore, executives at Flowdesk, Reed Werbitt, and Greg Guttas, conveyed to The Scoop their perspective on these bitcoin ETFs, framing them as catalysts for a “multi-decade TWAP of buy only.”
Shifting focus, the U.S. Securities and Exchange Commission (SEC) announced yesterday an extension of the decision timeline regarding trade options for BlackRock’s spot bitcoin ETF until the following month. This move underscores the ongoing regulatory scrutiny surrounding the burgeoning cryptocurrency ETF landscape.
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