On the fifth day of trading, issuers of Spot Bitcoin exchange-traded funds (ETFs) made a significant addition to their crypto holdings, accumulating a net total of 10,667 Bitcoins.
The trading activity was accompanied by a surge in trading volumes, indicating growing interest in these investment products.
Data provided by the X (formerly known as Twitter) account CC15Capital for January 17 reveals that a substantial $440 million worth of Bitcoin was added to the ETF holdings by the end of the trading day.
Notably, BlackRock’s ETF led the pack, acquiring 8,700 BTC, which translates to nearly $358 million in value.
The data further demonstrates that nine ETFs, excluding Grayscale, have collectively purchased approximately 68,500 BTC since their launch, currently valued at around $2.8 billion.
However, these recent Bitcoin acquisitions by ETFs were partly offset by ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which saw 10,824 BTC, approximately $445 million, being sold off.
Since its conversion to a spot ETF on January 11, GBTC has witnessed nearly 38,000 BTC exiting its holdings.
Meanwhile, Bloomberg ETF analyst Eric Balchunas shared data indicating that the “Newborn Nine,” a term he coined for the new spot Bitcoin ETFs excluding GBTC, experienced a remarkable 34% surge in daily trading volume on their fifth day of operation.
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Balchunas noted that it’s unusual to see such an increase in volume after a highly anticipated launch.
It’s important to note that data regarding Bitcoin purchases reported by ETF managers are subject to delays due to purchase settlement processes, causing a lag in real-time transaction figures.
Investors have shown strong interest in these new funds, with both BlackRock and Fidelity’s Bitcoin ETFs amassing over $1 billion in assets under management as of the close of trading on January 18, according to Bloomberg ETF analyst James Seyffart.
Balchunas also highlighted that BlackRock and Fidelity’s Bitcoin ETFs rank fourth and fifth in terms of weekly capital inflows among all U.S. ETFs, trailing only the Vanguard 500 Index Fund ETF, which seeks to replicate the returns of the S&P 500 index.
CC15Capital additionally shared that Bitwise is the sole asset manager to disclose its Bitcoin holdings for January 18, revealing an addition of 491 BTC on that day, amounting to over $20 million.
While Bitcoin experienced a slight decrease of less than 1% on January 17, it has seen a more significant decline of over 3.5% in the past 24 hours, as reported by Cointelegraph Markets Pro.
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