The post BlackRock and Fidelity Spot ETFs Now Hold Bitcoin Worth $28B appeared on BitcoinEthereumNews.com.

IBIT and FBTC have amassed 489,209 BTC worth almost $28.4 billion. Bitcoin has slumped more than 13% in the past 30 days. The German government has run out of Bitcoin to sell. Spot Bitcoin Exchange-Traded Funds (ETFs) from BlackRock and Fidelity, two giants in the asset management world, have accumulated a striking $28 billion in Bitcoin, even as the cryptocurrency’s price has dipped recently. This massive inflow of institutional investment highlights the growing interest in Bitcoin despite its recent volatility. According to data from SoSoValue, BlackRock’s iShares Bitcoin Trust (IBIT) has seen total net inflows of $18.26 billion since its January launch, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) has attracted $9.72 billion. The net assets of these products currently stand at $18.32 billion and $10.24 billion, respectively. Together, the two firms have accumulated 489,209 BTC, valued at nearly $28.4 billion at current prices. In contrast, ARK Invest and 21Shares’ ARKB boasts a cumulative net inflow of $2.5 billion since inception, with net assets of $2.77 billion. Bitwise’s BITB has seen a net inflow of $2.13 billion and holds net assets valued at $2.28 billion. Meanwhile, Grayscale’s GBTC experienced a significant outflow of $18.64 billion, leaving it with net assets of $15.73 billion. As of this writing, Bitcoin is trading at $58,000, up 1.3% in the past 24 hours, according to CoinMarketCap data. However, the leading digital asset has experienced a significant decline in recent weeks due to selling pressure from the defunct crypto exchange Mt. Gox, which initiated Bitcoin distribution, and the German government’s substantial Bitcoin sales. Bitcoin has dropped 13.90% in the past 30 days, a crash fueled by the German government’s sell-off. Authorities had held over 50,000 BTC since February 2024, seized from the operator of the pirate movie website Movie2k.The sell-off began in June, and recent…

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Filed under: News - @ July 13, 2024 12:26 pm