According to SoSoValue data, as of March 7th, the net asset value of Bitcoin spot ETF has reached $53.11 billion, accounting for 4.04% of the circulating supply of BTC. Will Wall Street control BTC in the future?
(Bitcoin ETF accounts for 4.04% of BTC market capitalization)
With the approval of the Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) in January, it has opened the door for traditional institutions with asset management scale of hundreds of billions of dollars to invest in BTC, bringing incremental funds to BTC for the past two months.
(Bitcoin ETF accounts for 4.04% of BTC market capitalization)
According to SoSoValue data, as of March 7th, the net asset value of Bitcoin spot ETF has reached $53.11 billion, with a net asset ratio (net asset value / total market value of Bitcoin) of 4.04%, and a cumulative net inflow of $8.89 billion.
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(10 Bitcoin ETFs daily trading volume exceeds $10 billion)
With Bitcoin breaking through $69,000 to reach a new historical high, according to Eric Balchunas, an ETF analyst at Bloomberg, on March 6th, the daily trading volume of 10 Bitcoin spot ETFs reached $10 billion, breaking the previous record.
Among them, BlackRock’s IBIT ($3.703 billion), Fidelity’s FBTC ($2.028 billion), Bitwise’s BITB ($0.294 billion), and ARK/21 Shares’ ARKB ($0.484 billion) all set new records for daily trading volume. Eric Balchunas commented on this:
(Bitcoin spot ETF surpasses gold ETF?)
Looking ahead, Eric Balchunas predicted this week that if the growth rate of Bitcoin spot ETF continues at this pace, with an increase of $10 billion per month, the scale of Bitcoin spot ETF will surpass that of gold ETF this summer.
(However, concerns about Bitcoin spot ETF)
However, the rapid development of Bitcoin spot ETF since its listing has also raised concerns among cryptocurrency industry insiders, claiming that ETFs may lead to further centralization of the cryptocurrency industry.
According to Cointelegraph, Andy Bromberg, CEO of wallet developer Eco, stated that ETFs may result in traditional financial institutions exerting excessive influence on the cryptocurrency market.
Lucas Henning, CTO of the Suku wallet development team, also criticized Bitcoin ETF. Henning claimed that ETFs will not be able to attract the public in the long term because most cryptocurrencies and protocols other than Bitcoin will not be approved by the SEC for ETF launch.
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