👉👉👉 These Institutions Have Bought 3.3% of #Bitcoin’s Supply in 3 Weeks
The recent approval of Bitcoin exchange-traded funds (#ETFs ) has triggered discussions about the potential long-term impacts on Bitcoin's supply and value. While the immediate effect on its price may not be significant, the approval has led to a reversal, with institutional players behind Bitcoin ETFs accumulating the digital asset.
Major financial institutions, including BlackRock, the world's largest asset manager, have entered the space, raising expectations that the growing involvement of retail investors in Bitcoin ETFs could contribute to future price increases.
Bitcoin ETF Applicants Amass Bitcoin Supply
Reports indicate that the 11 recently approved Bitcoin ETF applicants collectively hold approximately 3.3% of the current circulating Bitcoin supply.
Among the approved applicants are well-known entities such as Grayscale, BlackRock, Fidelity, Franklin Templeton, Invesco, VanEck, WisdomTree, Hashdex, Bitwise, Valkyrie, and BZX.
As of the latest data from Ycharts, the total circulating supply of Bitcoin stands at 19.61 million.
Within the #cryptocurrency community, there is ongoing speculation about the potential impact of the upcoming Bitcoin halving in April on both the price & supply of Bitcoin. The halving, occurring every four years, involves a reduction in mining rewards, slowing the creation of new coins & decreasing the overall available supply.
At the time of reporting, the price of Bitcoin is $43,159.
Bitcoin ETFs Face Contrary Market Reaction
Despite widespread expectations of an immediate price surge following the SEC's approval of 11 spot Bitcoin ETFs on January 10, Bitcoin's value has experienced a subsequent decline of around 10%.
Gary Gensler, SEC Chair, expressed concerns about approving spot Bitcoin ETFs, suggesting they contradict Bitcoin's core principles by introducing centralization. He warned that this move might fuel speculation and increase volatility in an already unpredictable market.
Source - beincrypto.com
