The American spot Bitcoin ETFS had a good day again yesterday. A total of 3,050 Bitcoin were purchased, while the miners produce only 450 on a daily basis. While the Bitcoin ETFS were allowed to write down a positive stream, there is an outflow of more than 135 million dollars for Ethereum.
Bitcoin takes the lead
Bitcoin, for example, seems to be carefully taking over the momentum from Ethereum. There was just a hype around stock market companies that started building an Ethereum reserve, but that seems to be falling again in the favor of Bitcoin.
Bitcoin companies continue to do good business at company level. According to HODL15CAPITAL, 19 companies that bought more BTC were again in the past week. In total they managed to add 6,760 bitcoin to their reserves.
As far as the ETFS is concerned, Fidelity was once again in charge with a capital gain of 133 million dollars. Normally BlackRock is of course at the top, but they had to do it yesterday with an increase of $ 73 million.
Bitcoin ETFS approaching that of gold
With yesterday’s inflow, the Bitcoin ETFS is getting closer and closer to that of gold.
The Bitcoin ETFS currently has a total amount of $ 150 billion under management. While the ETFS for gold is doing a little better with 180 billion dollars.
What makes this development so special is that the ETFS for gold have been on the market since 2004. The Bitcoin ETFS only launched in January 2024.
In that respect, it really seems a matter of time before Bitcoin catches up with the precious metal in this way. However, that would only be the beginning, because in terms of market value, gold is still a factor of ten larger than Bitcoin.
Source: https://newsbit.nl/bitcoin-etf-flinke-instroom-ethereum-etf-uitstroom/
