The four largest Bitcoin ETF issuers, namely BlackRock's iShares Bitcoin ETF (IBIT), Fidelity (FBTC), Ark Invest (ARKB) and Bitwise (BITB), purchased a total of 56,954 BTC this week. This is according to data provided by HODL15Capital on
Spot Bitcoin ETFs: Coins Acquired vs Accumulated
According to the data shared, the Big 4 ETFs have purchased a significant amount of Bitcoin every week since their launch, contributing to the ongoing accumulation trend in the cryptocurrency space. The data tracked the purchases of these four largest companies from the time the U.S. Securities and Exchange Commission (SEC) granted approval in January.
From the chart, weekly Bitcoin mining production, represented by the red line in the data provided, is around 6,300 BTC. This statistic serves as a reference point and highlights the contrast between the newly minted Bitcoin through mining and the large purchases by institutional investors via ETFs.
The analysis also shows that the four major Bitcoin ETF products accumulated an average of 40,000 BTC over the nine weeks examined. This suggests that, with the exception of the first week of launch, purchasing volume only fell in the fifth and seventh weeks.
The major players reached their highest acquisition level in the second week, collecting 68,000 BTC from mining activities. In weeks six and nine they briefly approached this threshold again. On March 1, data from Bloomberg and BitMEX Research revealed that Bitcoin is an exchange-traded fund (ETFs) saw a net outflow of $140 million.
The four major ETF issuers were doing well
Aside from the opening week, BlackRock maintained its lead, collecting over 31,000 BTC last week. This was closely followed by Fidelity Investments, which purchased 19,960 BTC. The other two managed to buy up just over 5,400 BTC.
During premarket trading on Wednesday, the iShares Bitcoin ETF (IBIT) fell BlackRock saw a 9% increase. and reached $38.50. Similarly, FBTC, Fidelity Investments’ spot Bitcoin ETF, joined BlackRock in outperforming other funds in the market. together they attract 79% of the total inflow integrated into this ecosystem since its inception. Ark Invest and Bitwise also recorded 2845 BTC and 2561 BTC respectively.
Overall, the performance of the big four is reflected in the price action of the underlying asset this week, as Bitcoin recently posted two distinct all-time highs set at over $70,000. At the time of writing, Bitcoin is changing hands for $68,503.72, up 10.59% over the past week.
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