Key Points
- Despite Bitcoin’s price correction, BTC ETF inflows remained steady, indicating sustained interest.
- Miner revenue has seen a significant increase over the past month.
Bitcoin (BTC) experienced a significant price correction after surpassing the $70,000 mark, falling back to $67,000. However, the interest in Bitcoin remained high, as evidenced by the continuous inflow of BTC ETFs into the market.
According to recent reports, U.S. Bitcoin ETFs have amassed a total of 850,707 BTC since January. This accumulation was primarily driven by Grayscale’s GBTC ETF, which, despite a reduction from its initial reserves, still holds the largest share at 289,280 BTC.
Other Major Players
BlackRock’s iShares Bitcoin Trust (IBIT) has shown impressive growth, expanding its reserve from 225 BTC at launch to a staggering 283,203 BTC. Other significant contributors include Fidelity’s Wise Bitcoin ETF with 160,620 BTC and the Ark 21Shares ETF (ARKB) with 48,414 BTC.
Smaller contributors like the Bitwise Bitcoin ETF (BITB), VanEck Bitcoin Trust (HODL), and Valkyrie BTC ETF (BRRR) also have notable holdings. Additionally, Invesco Galaxy’s BTCO ETF, Franklin Templeton’s EZBC, and WisdomTree and Hashdex Bitcoin ETFs made further contributions.
On a global scale, Bitcoin ETFs have collectively amassed 986,769 BTC. Outside the U.S., Canada’s Purpose Bitcoin ETF leads with 27,407 BTC, followed by Germany’s ETC Group Physical Bitcoin Fund with 20,808 BTC.
Bitcoin’s Global Interest
The increase in BTC ETFs accumulation, despite the price decline, suggests that global interest in Bitcoin continues to grow. As adoption increases, Bitcoin stands to benefit.
At the time of reporting, Bitcoin was trading at $66,865.51, having declined by 3.85% in the last 24 hours. This decrease could be attributed to short-term holders turning profitable due to the recent uptick in Bitcoin’s price, leading to profit-taking.
While massive sell-offs of Bitcoin have occurred in recent days, the MVRV ratio remains high, suggesting that the number of profitable addresses is relatively high. However, the Long/Short difference for Bitcoin has grown, indicating an increase in long-term holders.
Long-term holders are less likely to sell their holdings during market fluctuations. Furthermore, the velocity of Bitcoin has fallen, suggesting that the frequency of Bitcoin trading has decreased and more addresses are holding onto their Bitcoin.
The state of Bitcoin miners could influence Bitcoin’s price. If miner revenue declines, they may be incentivized to sell their holdings. However, at the time of writing, miners were doing well, with daily revenue having surged from $29,981,891 to $39,242,392 over the past month.
