The several spot Bitcoin ETF issuers in the United States excluding Grayscale’s GBTC now hold more than 216,309 BTCs worth over $10 billion, thus outshining MicroStrategy which recently announced a holding of about 190k coins.
The heightened Bitcoin demand from institutional investors in the recent past has helped the flagship coin rally around 15 percent last week to close above $48k for the first time in over two years.

The entrance of institutional cash to the Bitcoin (BTC) and crypto industry has been described as this bull cycle’s macro trigger. With the fourth Bitcoin halving fast approaching on the horizon, most experts have unanimously agreed now is the best time to enter the crypto industry in anticipation of taking profits during the third and fourth quarters of 2025.

The rising debts in first-world countries led by the United States and the geopolitical uncertainty caused by the conflicts in the Middle East and also between Russia and Ukraine have undeniably accelerated the adoption of Bitcoin and other digital assets.

Closer Look at Spot Bitcoin ETFs’ Performance

The existence of several spot Bitcoin ETFs in the United States has been a huge game-changer in the crypto industry. Moreover, wealth managers ranging from family offices to 401k retirement plans have been considering obtaining Bitcoin exposure through the highly liquid spot ETFs. According to the latest market data, several spot Bitcoin ETFs, excluding Grayscale Investments’ GBTC, have recorded notable inflows. 

In just 21 days of spot Bitcoin ETF trading in the various stock exchanges, and the investment vehicles, excluding Grayscale’s GBTC, have already registered a total of 216,309 Bitcoins worth around $10.3 billion in Assets Under Management (AUM).

Breaking News! #Bitcoin ETFs have already snagged 216,309 BTC (valued at $10.3B) in just 21 days since launch, surpassing MicroStrategy’s stash! #CryptoGrowth #ETFmania @HODL15Capital pic.twitter.com/BoQI0Jom3B

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 11, 2024

As for the Grayscale’s GBTC, notable daily outflows have gradually declined, but have continued to be a major source of total negative outflows. The notable GBTC outflows could be partially attributed to the high fees of about 1.5 percent compared to the rest which has less than 0.30 percent. Additionally, Grayscale’s GBTC held Bitcoins for defunct crypto firms like FTX, and Celsius, which have been offloading to repay the respective distressed creditors.

BTC Price Action and Market Outlook

For the first time since the beginning of the 2022/2023 crypto bear market, Bitcoin’s (BTC) price closed above $48k last week, thus signaling a heightened bullish outlook. Bitcoin whales have been on a buying spree in the recent past, whereby the group purchased 140k BTCs worth around $6.16 billion according to on-chain data. As a result, Bitcoin price needs to consistently close above $48k in the coming weeks in order to guarantee a solid breakout towards the next significant resistance level of around $57k.

#Bitcoin looking at the resistance.

Massive weekly candle, through which Bitcoin is back above $48,000.

I’m personally interested what price will do around $50,000 in the upcoming 1-2 weeks. pic.twitter.com/6I927U20pg

— Michaël van de Poppe (@CryptoMichNL) February 12, 2024

The flagship coin has, however, been forming a possible market reversal pattern despite the anticipated pre-halving rally. In the weekly time frame, Bitcoin price has formed a possible double top coupled with bearish divergence on the Relative Strength Index (RSI).

As a result, Bitcoin price is likely to revisit the support range between $32k and $38k in the near term before continuing with the confirmed macro bull run. According to the latest market data, Bitcoin price has dropped about 1 percent in the past 24 hours and is now priced at

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Filed under: Bitcoin - @ February 12, 2024 3:14 pm