Following the approval of the Bitcoin spot ETF, the wider cryptocurrency has seen staggering growth with billions in fresh funding and millions of new users. It is worth noting that the start of this year has proved to be a bane for the crypto market especially for exchange-traded funds.
On January 03, and January 05 the United States Bitcoin spot ETF market mirrored a bullish momentum adding roughly $1.9 billion. The Fidelity Bitcoin spot ETF managed to net an inflow of $370.02 million, followed by BlackRock which added $209 million, and ARK 21Shares $153 million.
However, the recorded inflow of spot ETFs issued by Invesco, Valkyrie, and WisdomTree saw a 0 inflow in the time period. The recorded inflow on January 3 and January 6 helped the wider market to recover from the severe outflows that troubled the Bitcoin ETF market on December 19 and January 02.
Since their debut over a year ago, the spot Bitcoin ETFs have already amassed net inflows of $36.9 billion. With $37.4 billion in net inflows, BlackRock’s iShares Bitcoin ETF tops the pack, followed by the Fidelity Wise Origin Bitcoin Fund ($12.4 billion). By contrast, outflows of $21.4 billion have been made from Grayscale’s converted GBTC.
Spot ETFs to further support the growth of the wider crypto market
Following approval from the Securities and Exchange Commission in 2024, Bitcoin spot ETFs have succeeded in luring millions of new users with an addition of billions in fresh funding.
However, the Bitcoin Spot ETF is nowadays preferred as one of the most prominent crypto-based products, followed by the Ethereum Spot ETF which also secured a green signal from the regulators.
At the time of writing the BTC spot ETF by BlackRock was trading at $58.17 with an addition of 3.95 percent followed by FBTC by Fidelity trading at $89.33 with a surge of 3.89 percent, yet the pioneer of ETF market GrayScale added $3.02 to its price reaching $81.04.
According to the data from Coinglass, IBIT by BlackRock stands at the top of the list in terms of Bitcoin holding with 551.08K Bitcoin, followed by FBTC which holds 208.16 k Bitcoins, and GrayScale is third in the list with 205.01k in Bitcoin reserve.
It is crucial to note that BlackRock also holds the first position in terms of market capitalization in the Bitcoin spot ETF category followed by GBTC, FBTC, ARKB, BITBO, and HODL among a few others.
Not only Bitcoin spot ETF but other products like Ethereum spot ETF, ETP, Coins, and tokens have shown an appreciable improvement in the past few weeks, Bitcoin crossed the milestone of $107k in the last days of December 2024.
When writing Bitcoin was trading at $101,703 with a growth of 2.25 percent in the past 24 hours a surge of 9.65 percent has been recorded in the weekly time frame.
According to data available on CoinMarketCap, the intraday gainer’s list has been ruled by Hedera which reached $0.3231 with an addition of 6.99 percent intraday followed by Worldcoin, IOTA, BITGET, Algorand, and Dogecoin with several others.
