Astounding Revelation: Analyst Uncovers the Quantity of Bitcoin Held by Prominent US Corporations
The recent approval of the spot Bitcoin ETF has caused a significant stir in the market, leaving a lasting impact on exchanges. This pivotal moment has not only captured the attention of global investors but has also marked a crucial milestone toward widespread adoption. Analyst Ali Martinez has shed light on the massive holdings of spot Bitcoin ETFs in the United States, revealing an astonishing 638,900 BTC valued at approximately $27 billion.
Taking the lead in this race is Grayscale, boasting an impressive 566,973.4051 BTC as of January 19. This solidifies Grayscale’s position as the largest holder of Bitcoin ETFs and propels Bitcoin ETFs ahead of Silver, securing its place as the second-largest commodity ETF. BlackRock, operating under iBIT, follows as the second-largest holder, with 28,622 BTC in its Bitcoin treasury. Fidelity Investments (FBTC) closely trails in third place, safeguarding 20,466 BTC.
While these giants dominate the scene, it’s worth acknowledging the contenders. Bitwise (BITB) holds 8,294 units, Ark/21Shares (ARKB) embraces a total of 7,565 BTC, and Invesco/Galaxy (BTCO) secures its position with 1,871 BTC.
Despite the approval of the spot Bitcoin ETF, the anticipated surge in Bitcoin prices has not materialized as expected. On the day of approval, amidst the ETF frenzy, Bitcoin briefly surged to $48k but quickly experienced a downturn. Presently, Bitcoin is trading at $40k, falling short of expectations and leaving traders unsatisfied. This disappointment can be attributed to selling pressure outweighing buying activities, contributing to a temporary setback.
Adding to the uncertainty, BitMEX founder Arthur Hayes, a respected figure in the industry, predicts a further decline in Bitcoin’s value, projecting a drop below $40,000. Hayes has backed his prediction by acquiring 29Mar $35k strike puts, anticipating Bitcoin’s descent to continue until the US Treasury quarterly refunding announcement on January 31. His cautious outlook is underscored by his purchase of 5 BTC.
These indicators, combined with market dynamics, suggest a potential downturn for Bitcoin in the coming days. Despite the excitement surrounding the approval of the spot Bitcoin ETF, the future remains unpredictable, keeping traders and enthusiasts on the edge of their seats.
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Tags: Bitcoin ETF