Bitcoin Price Surges Amid BTC Accumulation By Newly Launched ETFs

According to HODL15Capital, a self-described Capital Compounder, nine newly launched spot Bitcoin ETFs now hold more Bitcoins than Michael Saylor’s Microstrategy. In a recent post on X (formerly Twitter), HODL15Capital noted that the identified nine ETFs purchased 216,309 Bitcoins, equivalent to $10.3 billion in 20 days.

The new spot #Bitcoin ETFs hold more $BTC than @saylor ‘s $MSTR

The 9 new ETFs purchased 216,309 Bitcoin (worth $10.3 Billion!!!) in just 20 days 💥$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC pic.twitter.com/i8amhqCjWF

— HODL15Capital 🇺🇸 (@HODL15Capital) February 11, 2024

HODL15Capital shared a bar chart that reflects the BTC purchased by the individual ETFs since January 11, a day after the U.S. Securities and Exchange Commission (SEC) approved them. The shared data shows that BlackRock’s IBIT and Fidelity’s FBTC dominated the Bitcoin purchases. The chart also revealed that the BTC purchased by the identified ETFs increased daily.

The reported 216,309 Bitcoins represent the total BTC purchases made by the ETFs as of February 9, surpassing MicroStrategy’s holdings of 190,000 Bitcoins, according to reports. The renowned assets management company started buying Bitcoins in the middle of 2020 after it announced that it would begin putting some of its cash towards alternative assets, including cryptocurrencies.

Bitcoin price has displayed two significant transition phases since the SEC approved the spot Bitcoin ETFs. BTC nosedived shortly after an initial spike, with the price dropping from $49,048 on January 11 to $38,505 as of January 23, marking the first phase of the post-ETF price movement.

BTCUSD Daily Chart on TradingView

The price reversed immediately after reaching the $38,505 support, embarking on an upward movement it has sustained until so far. Bitcoin traded for $48,282 as of filing this report, according to data from TradingView. It reclaimed the bulling momentum, breaking through temporary resistance and targeting the January 11 yearly high.

A break above the new high could see Bitcoin climb above $50,000 for the first time since December 2021. It could also open the way for higher prices, with a significant resistance at $52,000.

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