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Bitcoin Pushes Above $42K as Grayscale Outflows Slow

Bitcoin Pushes Above $42K as Grayscale Outflows Slow

Bitcoin ETF Flows Still Positive

BlackRock and Fidelity have been the biggest purchasers of Bitcoin. BlackRock has acquired 49,952 BTC worth $2 billion, and Fidelity has bought 43,855 BTC worth $1.8 billion as of Jan. 25.

The third largest buyer of Bitcoin is Ark 21Shares, with 13,285 BTC purchased worth $555 million, followed by Bitwise with 12,840 coins worth $536 million.

ETF Store president Nate Geraci posted an interactive chart showing the Bitcoin accumulation of the nine newly launched funds.

Nevertheless, with Grayscales’s outflow of 116,507 BTC, the total aggregate inflow of Bitcoins to spot ETFs is just 17,272 BTC, worth $719 million, according to CC15Capital.

However, Grayscale’s outflows appear to be slowing, with just $255 million or around 6,000 BTC in outflows on Jan. 26, according to BitMEX Research.

“The trend is your friend,” commented ETF analyst James Seffart, who observed the “Lowest outflow day for GBTC since day one as an ETF.”

Seffart also observed that Friday was a big day for BlackRock’s iShares Bitcoin Trust (IBIT) fund, with $480 million in volume.

It was also observed that chairman and CEO of BlackRock, Larry Fink, has effectively become the world’s leading promoter of Bitcoin.

“Interesting anecdote about how Larry Fink changed tune regarding Bitcoin and broke away from his fellow Wall St CEOs,” commented ETF analyst Eric Balchunas.

New Players Entering ETF Derby?

Geraci also commented that brokerage and investment giant Schwab would also join the spot Bitcoin ETF race.

“Schwab not gonna sit around & let Fidelity control the crypto narrative. Period. Too much $$$ at stake with these brokerage platforms.”

The firm has a whopping $8.5 trillion in assets under management, according to recent reports.