Issuers of Spot Bitcoin ETF have acquired 56,954 BTC in total over the last week.
Overall, Fidelity and BlackRock were at the top of the charts.
The buildup caused Bitcoin to soar to an all-time high of over $70,000.
This week, a total of 56,954 Bitcoin was purchased by the top four Bitcoin ETF issuers, which are Bitwise (BITB), Fidelity (FBTC), Ark Invest (ARKB), and BlackRock’s iShares Bitcoin ETF (IBIT). This is based on information published on X by HODL15Capital, a well-known Capital compounder organization renowned for its market analysis of cryptocurrencies.
Spot Bitcoin ETFs: Purchased Coins Compared to Accrued
As per the disclosed statistics, since their establishment, the Big 4 ETFs have regularly bought a significant quantity of Bitcoin weekly, supporting the continuous accumulation trend in the cryptocurrency market. The information followed the purchases made by these top four as soon as the US Securities and Exchange Commission (SEC) approved in January.
The data displayed in the chart indicates that the weekly production of Bitcoin mining, denoted by the red line, is roughly 6,300 BTC. This figure functions as a benchmark, emphasizing the difference between the recently created Bitcoin through mining and the substantial purchases made by institutional investors via exchange-traded funds (ETFs).
The data also shows that the top four Bitcoin ETF products amassed an average of 40,000 BTC over the nine weeks under review. This suggests that the volume of purchases dropped only in the fifth and seventh weeks, except for the first launch week.
During the second week, the leading players reached their peak acquisition level, amassing 68,000 BTC through mining efforts. In weeks six and nine, they came dangerously close to this limit again. BitMEX Research and Bloomberg data showed that Bitcoin exchange-traded funds (ETFs) saw a net outflow of $140 million on March 1.
The Big Four Issuers of ETFs Except for the first week, Fared
BlackRock continued to lead the group, accumulating more than 31,000 BTC in the previous week. The purchase of 19,960 BTC by Fidelity Investments came right after it. The other two succeeded in acquiring slightly more than 5,400 BTC.
The BlackRock-sponsored iShares Bitcoin ETF (IBIT) rose 9% to $38.50 during pre-market trading on Wednesday. Comparably, Fidelity Investments’ spot Bitcoin ETF, FBTC, joined BlackRock and outperformed other funds in the market, drawing in 79% of the entire capital that has entered this ecosystem since its founding. Additionally, Bitwise and Ark Invest registered 2561 and 2845 BTC, respectively.
Overall, the underlying asset’s price action for the week reflects the performance of the primary four, with Bitcoin recording two clear all-time highs, the most recent of which was above $70,000. As of this writing, the price of Bitcoin is $68,503.72, up 10.59% over the previous week.
