According to data from SoSoValue, as of March 7th, the net asset value of Bitcoin spot ETF has reached $53.11 billion, accounting for 4.04% of BTC’s circulation. Will Wall Street control BTC in the future?
(Bitcoin ETF accounts for 4.04% of BTC’s market value
The daily trading volume of 10 Bitcoin ETFs exceeds $10 billion
Will Bitcoin spot ETF surpass gold ETF?
Is Bitcoin ETF deviating from the ideal of blockchain?
After the US Securities and Exchange Commission (SEC) approved the Bitcoin spot ETF in January, it opened up a compliance channel for traditional institutions with asset management scale 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’s market value
According to data from SoSoValue, as of March 7th, the total 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.
The daily trading volume of 10 Bitcoin ETFs exceeds $10 billion
With Bitcoin breaking through $69,000 and hitting a new historical high, according to Bloomberg ETF analyst Eric Balchunas, on March 6th, the daily trading volume of 10 Bitcoin spot ETFs reached $10 billion, breaking a new historical high.
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) have all set new records for daily trading volume. Eric Balchunas commented on this:
Will Bitcoin spot ETF surpass gold ETF?
Looking ahead, Eric Balchunas predicted this week that if the Bitcoin spot ETF continues to grow at this rate, adding $10 billion per month, it will surpass the scale of the gold ETF this summer.
However, the rapid development of Bitcoin spot ETF since its listing has also raised concerns among crypto industry insiders, claiming that ETFs may lead to further centralization of the crypto market.
According to Cointelegraph’s report, Andy Bromberg, CEO of wallet developer Eco, stated that ETFs may give traditional financial institutions excessive influence over the crypto 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 receive SEC approval to launch ETFs.
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