Bitcoin ETFs Break 30-Year Record In First Month of Trading, Pompliano Says: Details
02/12/2024 22:31
VC investor Anthony Pompliano has revealed a milestone achieved by Bitcoin ETF first time in ETF history
VC investor Anthony Pompliano has revealed a milestone achieved by Bitcoin ETF first time in ETF history
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During his recent appearance at the CNBC’s Squawk Box show, VC investor, Bitcoiner and entrepreneur Anthony Pompliano talked about Bitcoin and spot BTC ETFs – those were launched a month ago, on January 11 after the much-anticipated approval of the Securities and Exchange Commission and its chairman Gary Gensler.
Pompliano (known within the cryptocurrency community as “Pomp”) stated that Wall Street “not just likes, but loves Bitcoin.” He also mentioned that the recently launched spot ETFs have set a record in the history of this type of asset.
Bitcoin ETFs set new record on Wall Street
Talking about the Bitcoin ETFs, Pompliano referred to some important historical data – there have been 5,500 ETF launches over the last 30 years, he stated. However, only spot Bitcoin ETFs have managed to beat all ETFs launched before them – none of the earlier exchange-traded funds were able to collect $3 billion of inflows during the first month of trading.
— Pomp 🌪 (@APompliano) February 12, 2024Wall Street LOVES bitcoin.
They are buying up 12.5x more bitcoin per day than the network can produce.
The march to a new all-time high is underway if this continues.
I explain this on my segment with @SquawkCNBC this morning. pic.twitter.com/0zRc3RQ4hY
The Bitcoin ETFs rolled out by BlackRock and Fidelity have managed to do that, he shared, adding that currently the spot Bitcoin ETFs are consuming 12.5x more BTC per day than miners produce.
By now, the BlackRock ETF has seen a staggering $4 billion worth of Bitcoin coming in, Fidelity - $3.5 billion. As for Bitwise and 21Shares, their Bitcoin inflows have hit $1 billion each this week. Pomp added that 80% of all Bitcoin that is circulating in the market has not been moved over the last half a year. Only about $200 billion in Bitcoin is actually tradeable. Therefore, the ETFs have already scooped up 5% of all the Bitcoin supply that is now trading in the market in merely 30 days.
“Bitcoin has become Wall Street’s favorite asset,” Pompliano stated amazed at this development.
Wall Street to start adding Bitcoin to all their ETFs
Pompliano also reminded the CNBC hosts that Fidelity recently announced that they will be adding part of Bitcoin they own into their “All-in-one” ETF in Canada – 1-3% of Bitcoin they acquire, including part of their spot Bitcoin ETF.
That “All-in-one” fund contains half a dozen other types of equities, including US equities, global equities. Now they plan to load up Bitcoin into it as well.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
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