Here Are The Largest Institutional Buyers Of Bitcoin This Week

1:46 pm
February 2, 2024
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**Spot Bitcoin ETFs Draw The Largest Institutional Buyers This Week**

Summary:
Spot Bitcoin ETFs have gained significant attention from institutional investors, sparking a surge in buying activity for the popular cryptocurrency. An analysis highlights the considerable purchases made by major ETF issuers, boosting the adoption of Bitcoin within the institutional investment landscape.

Institutional interest in Bitcoin has surged with Spot Bitcoin ETFs attracting major players, as BlackRock and other issuers acquire substantial amounts of Bitcoin this week.

According to data from the on-chain analytics platform Lookonchain, the combined purchases from Spot Bitcoin ETF issuers totalled over 19,908 BTC (equivalent to $860 million) this week. Factoring in Wisdom Tree’s undisclosed BTC purchases would significantly raise the total figure.

Furthermore, Wisdom Tree’s Bitcoin fund acquired 74 BTC this week, adding to the impressive combined total of almost 20,000 BTC bought by Spot Bitcoin ETF issuers. Notably, these ETFs currently hold over 657,000 BTC, excluding WisdomTree, indicating their substantial impact since launch.

Matt Hougan, Bitwise’s Chief Investment Officer, reported that these funds experienced $1.7 billion in flows after just 14 trading days, surpassing the $1.3 billion recorded by Gold ETFs in a similar timeframe. Another notable mention is the $700 million net inflows that Spot Bitcoin ETFs garnered this week alone.

BlackRock’s IBIT emerged as the top ETF to trade more than Grayscale’s GBTC in a single day, marking a significant shift in daily trading volume. Although Grayscale previously held the highest daily trading volume, IBIT’s $301 million volume surpassed GBTC’s $290 million. Interestingly, the total trading volume for all Spot Bitcoin ETFs on the same day amounted to $924 million.

Despite the overall success and adoption of Spot Bitcoin ETFs, the daily trading volume dropped below $1 billion for the first time, a surprising development according to Bloomberg analyst James Seyffart. Factors contributing to this decline in trading volume remain unspecified.

FAQs:
Q: How much Bitcoin did the Spot Bitcoin ETF issuers purchase this week?
A: The combined purchases from Spot Bitcoin ETF issuers totalled over 19,908 BTC ($860 million) this week.

Q: How much Bitcoin do the ETFs currently hold?
A: The ETFs currently hold over 657,000 BTC (excluding WisdomTree), showcasing their substantial impact since launch.

Q: What is the daily trading volume of the Spot Bitcoin ETFs?
A: Although the total trading volume for all Spot Bitcoin ETFs on a single day once surpassed $1 billion, it dropped below this mark for the first time; on that day, the combined trading volume amounted to $924 million.


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