Bitcoin Continues To Break Wall Street Records: The Whales Are Here
13 Februar 2024 - 10:00PM
NEWSBTC
Bitcoin is making waves on Wall Street, with BlackRock and
Fidelity, two of the popular spot Bitcoin exchange-traded funds
(ETF) issuers shattering records. Looking at recent trends, spot
Bitcoin ETFs are surging in popularity, indicating that
institutional investors, or “whales,” are diving headfirst.
Fidelity And BlackRock Spot Bitcoin ETFs Break Wall Street Record
Mark Wlosinski, a crypto commentator, took to X on February
12, highlighting the meteoric rise of BlackRock (IBIT) and
Fidelity (FBTC) Bitcoin spot ETFs. Both have amassed a staggering
$3 billion in assets under management (AUM) within 30 days. This
feat is historic, marking the first time an ETF of any product has
achieved such rapid growth in such a short period. This
unprecedented demand for spot Bitcoin ETFs comes amidst a broader
trend of institutional adoption. Wlosinski notes that over 5,500
ETFs have been launched throughout history. However, none have yet
witnessed the level of enthusiasm currently surrounding spot
Bitcoin ETFs. Related Reading: Shiba Inu Records 2,500% Spike
In Whale Activity, SHIB Price About To Skyrocket? The pace at which
BTC AUM of spot ETF issuers continues to grow suggests a
significant shift in investor sentiment. Specifically, Wall Street
is increasingly recognizing BTC’s potential as a viable asset
class. For years, leading Wall Street executives, including Jamie
Dimon, the head of JP Morgan, dismissed the coin, saying it was
speculative and a scam. However, with the United States Securities
and Exchange Commission (SEC) approving spot Bitcoin ETFs after
more than ten years of rejecting the product, there appears to be a
seismic shift in the investment landscape. As of February 12,
Lookonchain data shows that Fidelity and Ark21 Shares bought
an additional 6,822 BTC worth over $339 million. BlackRock’s IBIT
remains the largest spot BTC ETF by AUM, controlling over 87,780
BTC. However, spot ETF issuers continue to accumulate, pushing
their total haul to 682,448 BTC. BTC Retests $50,000, Path To
November 2021 Highs? Since spot Bitcoin ETFs track the spot price,
the more spot ETF issuers buy, the higher the demand for the coin
becomes. Accordingly, rising demand has significantly impacted
prices, as the daily chart shows. So far, Bitcoin is trading close
to the psychological $50,000 mark, the highest level since
2024. Technically, the uptrend remains, and buyers are firmly
in control. If buyers double down, buy more, and take more coins
out of the reach of spot ETF issuers, Bitcoin will likely float to
$70,000 or better in the sessions ahead. Related Reading: SOL Price
Surges To $115 – Why Solana Could Rally Another 10% Feature image
from Shutterstock, chart from TradingView
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