On the 10th January 2024, something happened that will definitely go down in Bitcoin’s history as an inflection point. It was the day that the SEC approved not one, not two, but eleven Spot Bitcoin ETF applications!
The Spot Bitcoin ETF Applicants
BlackRock
The world’s largest asset manager with over $9.3 trillion in assets under management. When they applied for the spot bitcoin ETF, they brought not just their reputation, but also an amazing track record of ETF approvals. With the approval of the Bitcoin ETF, their record now stands at 576-1. Amazing. In fact, the odds against a spot bitcoin ETF approval was actually pretty low, until BlackRock came into the picture.
Fidelity
With $4.3 trillion in AUM, Fidelity was another big player to put their hat in the ring late in 2023.
Grayscale
Grayscale came into the ETF picture with a huge advantage. They were already running a Bitcoin Trust (GBTC), and have been applying to convert their trust into an ETF. With this conversion, they came into the race with over 619,000 Bitcoin held in their trust. Unfortunately, we’ve now seen some huge outflows from GBTC since the ETF launched. These outflows have luckily been absorbed by the other 10 ETFs thus far.
Bitcoin ETFs see net inflows of $1.3 Billion in 5 days!
Watch my video below for more details on the performance of the ETFs in their first 5 days of trading!
What’s next?
Well, now that the ETF is out of the bag, we’ll see how the volumes and flows play out over the next few months, although many will now cast their eyes toward the next big thing: The Bitcoin Halving, scheduled for April 2024. That’s less than 100 days away!
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