Walknote.eu.org - Cryptocurrency markets witnessed varied movements on Thursday, February 1st, 2024, with most top-ranking cryptocurrencies returning to the red zone.
According to data from Coinmarketcap, Bitcoin (BTC), the crypto with the largest market capitalization, experienced a downturn, declining by 2.07 percent over the past 24 hours but still showing a 6.88 percent increase over the week. Presently, Bitcoin is priced at USD 42,599 or approximately Rp 672 million (assuming an exchange rate of Rp 15,776 per US dollar).
ETH also experienced a decline, dropping by 3.80 percent in the last 24 hours, yet maintaining a 2.79 percent increase over the week. Consequently, ETH is currently valued at around Rp 36 million per coin.
Another cryptocurrency, Binance Coin (BNB), also saw a correction, with a 3.20 percent drop in the last 24 hours, though still showing a 2.77 percent increase over the week. This places BNB at a price of approximately Rp 4.73 million per coin.
Subsequently, Cardano (ADA) found itself back in the red zone, declining by 4.42 percent over the last 24 hours, despite maintaining a 5.46 percent increase over the week. ADA is presently priced at around Rp 7,865 per coin.
Solana (SOL) also experienced a downturn, with a 6.65 percent correction in a day, although still showing a 10.85 percent increase over the week. Currently, SOL is priced at approximately Rp 1.53 million per coin.
XRP once again entered the red zone, with a 1.91 percent decline in the last 24 hours and a 3.06 percent decrease over the week. Consequently, XRP is now priced at Rp 7,915 per coin.
The meme coin Dogecoin (DOGE) also experienced a decline, with a 2.39 percent drop in the last day, yet managing a 0.26 percent increase over the week. This positions DOGE at a trading level of approximately Rp 1,242 per token.
The prices of stablecoins Tether (USDT) and USD Coin (USDC) both experienced a 0.01 percent increase, maintaining their prices at USD 1.00.
Meanwhile, Binance USD (BUSD) observed a 0.01 percent increase in the last 24 hours, maintaining its price at USD 1.00.
As for the overall cryptocurrency market capitalization, it stands at USD 1.53 trillion or approximately Rp 24.123 trillion.
Investors Withdraw Rp 13.6 Trillion from Grayscale Bitcoin Spot ETF
Recent data from Grayscale's Bitcoin Spot ETF (GBTC) revealed a significant decrease in its holdings, with 20,803 bitcoins or approximately USD 867 million withdrawn from the fund. This amount equates to around Rp 13.6 trillion (based on an exchange rate of Rp 15,775 per US dollar).
According to Bitcoin.com on Monday, January 29th, 2024, this large outflow, occurring within the past 24 hours, marks the most significant decline in GBTC reserves since its transformation into a public ETF on January 11th, 2024.
Since January 12th, 2024, GBTC's bitcoin holdings have decreased by 114,367 BTC, equivalent to USD 4.77 billion or approximately Rp 75.2 trillion, based on BTC's exchange rate on January 27th, 2024.
The fund also experienced substantial trading activity, dominating the market on Friday with USD 659 million or approximately Rp 10.3 trillion out of a total trading volume of USD 1.68 billion or approximately Rp 26.5 trillion across ten bitcoin spot ETFs.
GBTC has led the market in eleven trading sessions since the launch of the ten new bitcoin spot ETFs. The highest trading volume was recorded on January 11th, reaching USD 2.29 billion or approximately Rp 36.1 trillion, while the lowest was on January 25th, with a volume of USD 501.4 million or approximately Rp 7.9 trillion.
Thus far, these ten ETFs have accumulated a total trading volume of USD 25.36 billion or approximately Rp 400 trillion, with GBTC transactions contributing USD 16.15 billion or approximately Rp 254.7 trillion, accounting for 63.68% of the total since January 11th, 2024.
BlackRock's Bitcoin Spot ETF AUM Hits Rp 31.5 Trillion
Previously reported, BlackRock's Bitcoin Spot ETF, iShares Bitcoin ETF (IBIT), reached USD 2 billion or approximately Rp 31.5 trillion (based on an exchange rate of Rp 15,775 per US dollar) in managed assets (AUM) on Friday, January 26th, 2024.
According to Yahoo Finance on Saturday, January 27th, 2024, investors added approximately USD 170 million or approximately Rp 2.6 trillion to IBIT on Thursday, purchasing nearly 4,300 additional bitcoins, bringing the total tokens owned to 49,952.
With bitcoin prices surging well above USD 40,000 or approximately Rp 631 million on Saturday, AUM surpassed USD 2 billion for BlackRock's Bitcoin ETF product.
Now, with AUM exceeding USD 2 billion, the fund ranks third in asset accumulation among over 600 ETFs launched last year.
The next funds likely to surpass the USD 2 billion mark are Fidelity's Wise Origin Bitcoin Fund (FBTC), which only held 44,000 bitcoins on January 25th.
In addition to leading in managed assets, BlackRock and Fidelity also lead in terms of inflows into Bitcoin ETFs, with each experiencing inflows of around USD 1.9 billion or approximately Rp 30.1 trillion and USD 1.6 billion or approximately Rp 25.3 trillion, respectively, according to the latest available data compiled by Bloomberg.
These figures represent approximately 70% of the total inflows into bitcoin spot ETFs thus far. This early dominance indicates the strength of the marketing and distribution channels of both asset management giants, which likely helped incorporate these products into institutional and retail portfolios.
Bitcoin Spot ETF Fund Flows Show Negative Trend
Previously reported, a group of exchange-traded bitcoin funds (ETFs) recently launched experienced combined negative flows for the first time since they opened for trading on January 11th.
According to CoinDesk on Friday, January 26th, 2024, all inflows into BlackRock's Bitcoin Spot ETF IBIT and Fidelity's FBTC failed to offset the outflow from Grayscale's GBTC.
According to data compiled by Bloomberg Intelligence analyst James Seyffart, ten spot Bitcoin ETFs (including GBTC) experienced a net outflow of USD 158 million or approximately Rp 24 trillion (based on an exchange rate of Rp 15,805 per US dollar) on Wednesday, January 23rd, 2024.
Based on figures collected from issuer websites, the total bitcoins held by all spot ETFs including GBTC on January 24th were around 649,000 compared to over 660,000 the previous week. (_wp)
ETH also experienced a decline, dropping by 3.80 percent in the last 24 hours, yet maintaining a 2.79 percent increase over the week. Consequently, ETH is currently valued at around Rp 36 million per coin.
Another cryptocurrency, Binance Coin (BNB), also saw a correction, with a 3.20 percent drop in the last 24 hours, though still showing a 2.77 percent increase over the week. This places BNB at a price of approximately Rp 4.73 million per coin.
Subsequently, Cardano (ADA) found itself back in the red zone, declining by 4.42 percent over the last 24 hours, despite maintaining a 5.46 percent increase over the week. ADA is presently priced at around Rp 7,865 per coin.
Solana (SOL) also experienced a downturn, with a 6.65 percent correction in a day, although still showing a 10.85 percent increase over the week. Currently, SOL is priced at approximately Rp 1.53 million per coin.
XRP once again entered the red zone, with a 1.91 percent decline in the last 24 hours and a 3.06 percent decrease over the week. Consequently, XRP is now priced at Rp 7,915 per coin.
The meme coin Dogecoin (DOGE) also experienced a decline, with a 2.39 percent drop in the last day, yet managing a 0.26 percent increase over the week. This positions DOGE at a trading level of approximately Rp 1,242 per token.
The prices of stablecoins Tether (USDT) and USD Coin (USDC) both experienced a 0.01 percent increase, maintaining their prices at USD 1.00.
Meanwhile, Binance USD (BUSD) observed a 0.01 percent increase in the last 24 hours, maintaining its price at USD 1.00.
As for the overall cryptocurrency market capitalization, it stands at USD 1.53 trillion or approximately Rp 24.123 trillion.
Investors Withdraw Rp 13.6 Trillion from Grayscale Bitcoin Spot ETF
Recent data from Grayscale's Bitcoin Spot ETF (GBTC) revealed a significant decrease in its holdings, with 20,803 bitcoins or approximately USD 867 million withdrawn from the fund. This amount equates to around Rp 13.6 trillion (based on an exchange rate of Rp 15,775 per US dollar).
According to Bitcoin.com on Monday, January 29th, 2024, this large outflow, occurring within the past 24 hours, marks the most significant decline in GBTC reserves since its transformation into a public ETF on January 11th, 2024.
Since January 12th, 2024, GBTC's bitcoin holdings have decreased by 114,367 BTC, equivalent to USD 4.77 billion or approximately Rp 75.2 trillion, based on BTC's exchange rate on January 27th, 2024.
The fund also experienced substantial trading activity, dominating the market on Friday with USD 659 million or approximately Rp 10.3 trillion out of a total trading volume of USD 1.68 billion or approximately Rp 26.5 trillion across ten bitcoin spot ETFs.
GBTC has led the market in eleven trading sessions since the launch of the ten new bitcoin spot ETFs. The highest trading volume was recorded on January 11th, reaching USD 2.29 billion or approximately Rp 36.1 trillion, while the lowest was on January 25th, with a volume of USD 501.4 million or approximately Rp 7.9 trillion.
Thus far, these ten ETFs have accumulated a total trading volume of USD 25.36 billion or approximately Rp 400 trillion, with GBTC transactions contributing USD 16.15 billion or approximately Rp 254.7 trillion, accounting for 63.68% of the total since January 11th, 2024.
BlackRock's Bitcoin Spot ETF AUM Hits Rp 31.5 Trillion
Previously reported, BlackRock's Bitcoin Spot ETF, iShares Bitcoin ETF (IBIT), reached USD 2 billion or approximately Rp 31.5 trillion (based on an exchange rate of Rp 15,775 per US dollar) in managed assets (AUM) on Friday, January 26th, 2024.
According to Yahoo Finance on Saturday, January 27th, 2024, investors added approximately USD 170 million or approximately Rp 2.6 trillion to IBIT on Thursday, purchasing nearly 4,300 additional bitcoins, bringing the total tokens owned to 49,952.
With bitcoin prices surging well above USD 40,000 or approximately Rp 631 million on Saturday, AUM surpassed USD 2 billion for BlackRock's Bitcoin ETF product.
Now, with AUM exceeding USD 2 billion, the fund ranks third in asset accumulation among over 600 ETFs launched last year.
The next funds likely to surpass the USD 2 billion mark are Fidelity's Wise Origin Bitcoin Fund (FBTC), which only held 44,000 bitcoins on January 25th.
In addition to leading in managed assets, BlackRock and Fidelity also lead in terms of inflows into Bitcoin ETFs, with each experiencing inflows of around USD 1.9 billion or approximately Rp 30.1 trillion and USD 1.6 billion or approximately Rp 25.3 trillion, respectively, according to the latest available data compiled by Bloomberg.
These figures represent approximately 70% of the total inflows into bitcoin spot ETFs thus far. This early dominance indicates the strength of the marketing and distribution channels of both asset management giants, which likely helped incorporate these products into institutional and retail portfolios.
Bitcoin Spot ETF Fund Flows Show Negative Trend
Previously reported, a group of exchange-traded bitcoin funds (ETFs) recently launched experienced combined negative flows for the first time since they opened for trading on January 11th.
According to CoinDesk on Friday, January 26th, 2024, all inflows into BlackRock's Bitcoin Spot ETF IBIT and Fidelity's FBTC failed to offset the outflow from Grayscale's GBTC.
According to data compiled by Bloomberg Intelligence analyst James Seyffart, ten spot Bitcoin ETFs (including GBTC) experienced a net outflow of USD 158 million or approximately Rp 24 trillion (based on an exchange rate of Rp 15,805 per US dollar) on Wednesday, January 23rd, 2024.
Based on figures collected from issuer websites, the total bitcoins held by all spot ETFs including GBTC on January 24th were around 649,000 compared to over 660,000 the previous week. (_wp)
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