How are the controversial Bitcoin ETFs doing on March 8? They continue to absorb #BTC.

On-chain metrics show that small and medium BTC holders (from 0 to 100 coins) continue to sell to large ones (more than 100 coins). And mainly we are talking about issuers of controversial Bitcoin ETFs. Can level #BlackRock players be called stupid hamsters who buy on high? Or is there something we don’t know about the future of the financial world and the concept of “high” for BTC?

Yesterday, the total net inflow into spot Bitcoin ETFs was $472.6 million. Investment giant #Fidelity showed purchases for +$473.4 million. They became the leader on March 7, beating BlackRock for the tenth time since January 11. And for Fidelity this is a record (the previous one was March 4, $404.6 million).

BlackRock, meanwhile, has filed to add a Bitcoin ETF to its Global Allocation fund (with $11.5 billion under management). The company wants to increase the profitability of Global Allocation amid the growth of the BTC rate. Earlier on March 4, BlackRock asked #SEC for permission to include the Bitcoin ETF in its other fund, the Strategic Income Opportunities Portfolio.

As of today, BlackRock has 191,132 BTC worth $12.8 billion on its balance sheet. On March 6 alone, it was about 183,345 BTC for $11.996 billion.

The outflow from#GBTC(#Grayscale) has exceeded $10 billion since January 11. But as of yesterday, 9 spot Bitcoin ETFs have bought almost the same amount of BTC (397,847 BTC) that remains with Grayscale (400,186 BTC). That is, it is likely that today there will be more coins on the balances of other issuers than Grayscale. This should offset both the significance of Grayscale's sales and their status as too big a player. Grayscale's current sales could be part of informal conditions from the regulator for the product launch.

There is, however, a negative aspect - the SEC postponed until April 24 the applications of Nasdaq, Cboe and Miax Pearl to launch options trading based on the spot Bitcoin ETF, including from BlackRock. But this is rather a temporary obstacle on BTC’s long journey into funds and institutional portfolios.