{"id":89691,"date":"2024-02-08T21:58:39","date_gmt":"2024-02-09T02:58:39","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89691"},"modified":"2024-02-08T21:58:41","modified_gmt":"2024-02-09T02:58:41","slug":"new-btc-etfs-hold-over-178000-bitcoin-drain-massive-liquidity-from-market","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89691","title":{"rendered":"New BTC ETFs Hold Over 178,000 Bitcoin, Drain Massive Liquidity From Market"},"content":{"rendered":"<div>\n<div class=\"row mb-20\">\n<div class=\"col-12 col-lg-9 col-xl-8\">\n<div class=\"author-section\">\n<div class=\"author-info\">\n<p>\n                                                            <span>Last updated:<\/span><br \/>\n                                                        <time datetime=\"2024-02-08T23:54:39+00:00\"><br \/>\n                                February 8, 2024 18:54 EST                            <\/time><br \/>\n                                                             <span class=\"date-v-line\">|<\/span> 2 min read\n                                                    <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><b>TDLR:<\/b><\/p>\n<ul>\n<li>Nine ETFs have collectively accumulated a total of 177,949 Bitcoin<\/li>\n<li>BlackRock and Fidelity Dominate with Nearly 75%<\/li>\n<li>GBTC Bitcoin Reserves declined but still hold a higher number of BTC than all the nine funds combined<\/li>\n<\/ul>\n<p>According to recent reports, the nine new spot Bitcoin ETFs, which were launched on January 11, 2024, have increased their Bitcoin holdings after the closing of trading activity on February 2, 2024. Data shows that Blackrock\u2019s IBIT now holds 72,466.64 Bitcoin, valued at $3.12 billion, while Fidelity\u2019s Wise Origin ETF, FBTC, holds 60,054.87 BTC, approximately valued at $2.58 billion.<\/p>\n<p>Nine ETFs have collectively accumulated 177,949 Bitcoin, with Blackrock\u2019s IBIT and Fidelity\u2019s FBTC holding approximately 75% of the total. While GBTC\u2019s Bitcoin reserves have declined, the newly launched spot Bitcoin ETFs \u2013 IBIT, FBTC, ARKB, BITB, BTCO, HODL, BRRR, EZBC, and BTCW have accumulated a significant amount of BTC.<\/p>\n<p>Currently, Blackrock\u2019s IBIT leads among U.S. spot Bitcoin ETFs, excluding Grayscale\u2019s GBTC.<\/p>\n<p>Blackrock\u2019s IBIT now holds 72,466.64 BTC, accounting for 0.369% of the total 19.61 million BTC in circulation. Fidelity\u2019s FBTC follows closely, managing 60,054.87 BTC, representing 0.306% of the circulating Bitcoin.<\/p>\n<p><b>BTC Held by Other ETFs\u00a0<\/b><\/p>\n<p>ARKB, managed by Ark, Invest 21 shares, possesses 15,890 BTC, while BITB by Bitwise, holds 15,053.66 BTC. Together, ARKB and BITB control 30,943.66 BTC, equivalent to 0.157% of the circulating Bitcoin supply.<\/p>\n<p>Additionally, the Invesco Galaxy ETF controls 7,081 BTC, constituting 0.036% of the total Bitcoin supply. Vaneck\u2019s HODL ETF safeguards 2,998.48 BTC, while Valkyrie\u2019s BRRR ETF has gathered 2,649.46 BTC.<\/p>\n<p>Franklin Templeton\u2019s EZBC fund holds 1,479 BTC, and Wisdomtree\u2019s BTCW maintains a position of 276 BTC. Together, these four ETFs collectively possess 7,402.94 BTC, which is 0.037% of the total circulating bitcoins.<\/p>\n<p><b>Total BTC Supply<\/b><\/p>\n<p>In total, the nine ETFs manage a substantial sum of 177,949.11 BTC, valued at $7.62 billion based on the latest BTC exchange rates. These nine ETFs represent 0.907% of the total BTC supply.<\/p>\n<p>When considering GBTC, the total holdings of all ten ETFs make up 656,286.54 BTC, equivalent to 3.345% of the existing 19.61 million BTC. As of January 12, 2024, GBTC possessed 617,079.99 BTC. However, its current holdings have decreased to 478,337.43 BTC, marking a total divestment of 138,742.56 BTC.<\/p>\n<p>This reduction by the nine ETFs has led to the withdrawal of 39,206.55 BTC, valued at $1.68 billion, from the market. The severe liquidity drain is expected to result in a major supply crunch in the market and have a positive impact on the price action of altcoins as well. Investors have already started to search for the next growth opportunity that will outperform Bitcoin.<\/p>\n<h2><b>Algotech (ALGT) Becomes Leading Choice for 20x Gains\u00a0<\/b><\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Algorithmic TradFi platform Algotech (ALGT) has emerged as a key choice for investors looking for better gains than Bitcoin. The cutting-edge platform offers an exciting value proposition thanks to its deflationary tokenomics and community-centric model.\u00a0The project managed to turn heads during its private seed round when it raised over $1.1 Million within the first two days.<\/p>\n<p>The aggressive growth of the platform is expected to raise the token value significantly beyond $0.04. Analysts have made bold predictions about the future of the project, with one analyst going as far as to project up to 20x gains.\u00a0Key features of the project include breakout identification, hedging, and mean reversion for traders.<\/p>\n<p>Aside from these features, Algotech (ALGT) is also giving governance rights to holders. Community members will also get a share of the project\u2019s overall profits.<\/p>\n<p>For more details:<\/p>\n<p><b>Visit Algotech Presale<\/b><b>\u00a0\u00a0\u00a0<\/b><\/p>\n<p><b>Join The Algotech Community<\/b><\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/new-btc-etfs-hold-over-178000-bitcoin-drain-massive-liquidity-from-market.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last updated: February 8, 2024 18:54 EST | 2 min read TDLR: Nine ETFs have collectively accumulated a total of 177,949 Bitcoin BlackRock and Fidelity Dominate with Nearly 75% GBTC Bitcoin Reserves declined but still hold a higher number of BTC than all the nine funds combined According to recent reports, the nine new spot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-89691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New BTC ETFs Hold Over 178,000 Bitcoin, Drain Massive Liquidity From Market | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Last updated: February 8, 2024 18:54 EST | 2 min read TDLR: Nine ETFs have collectively accumulated a total of 177,949 Bitcoin BlackRock and Fidelity\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=89691\" \/>\n<meta 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