- Spot Bitcoin ETFs are on a roll with $295 million in new money added
- The investment vehicles splurged the cash on 5,240 Bitcoin
- BlackRock was the biggest purchaser of coins — a total of 3,320
Spot BTC ETFs Buy 5,240 Fresh Tokens
Spot Bitcoin ETFs in the US enjoyed elevated buying momentum to kick off the trading week. A total of 5,240 Bitcoin were added across all 11 approved investment vehicles holding genuine Bitcoin. With that, retail enthusiasts and professional money managers won’t have to worry for continued liquidity as they set out to do their dealmaking in the novel asset class.
Who bought the dip? The well-known big names in the industry. BlackRock, the world’s largest asset manager overseeing $10 trillion of investments, purchased the biggest number of tokens. BlackRock picked up 3,320 BTC. It was followed by Fidelity, another large asset manager, which scooped up a total of 1,100 BTC. Third and fourth, respectively, are Grayscale — crypto asset manager, and Bitwise, another big name in the ETF industry.
Big Buyers Use Low Prices as Opportunity
The new purchases were made at a time when Bitcoin was floating near a four-month low. On Monday, prices dipped to levels below $55,000 per token, indicating a pullback by the masses. Still, big whales likely kept accumulating after strong performance in June with $12 billion spent on acquiring new tokens.
What does this mean? On the one hand, big Bitcoin holders recognize every dip as a buying opportunity. But these market participants have millions and billions of dollars to spend on the cryptocurrency. If you’re a novice in the field of crypto, make sure to always do your research, instead of blindly trusting advice and guidance from outside.
Bitcoin Price Floats Near $58,000 a Piece
With this said, prices have rebounded from their four-month nadir and are up about 2% on Tuesday, floating near the $58,000 handle. On the year, Bitcoin’s advance is standing at 30%, having started 2024 trading at roughly $44,000 per token.
In March, the leading crypto asset hit an all-time high of more than $73,000 a piece. But that was the point of return and since then, Bitcoin has erased about 20% of its value, and wiped out billions of dollars of market cap.
Still, the big names among the professional investors remain optimistic that the best days of Bitcoin are ahead. The approval of the spot Bitcoin exchange-traded funds has made it possible for ordinary people to get a piece of the action rubbing shoulders with Wall Street experts. Moreover, the lower barrier to entry is expected to spill over to the Ethereum market.
ETH ETFs Pending Rollout Next Week
A total of eight Ethereum-based ETFs are looking to launch as soon as next week. The Securities and Exchange Commission, America’s top financial watchdog, approved the ETH-focused investment vehicles last month. Now, final adjustments are being made before the official rollout.
Analysts predict that as much as $5 billion might get injected into Ethereum’s market cap, potentially swelling the price in the process. Ethereum, the second-largest cryptocurrency, is trading near the $3,000 threshold as traders and investors anticipate the final call before the big milestone makes history.
