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Bitcoin News: BTC Holdings of the Top Spot ETFs; Will Bitcoin 6x?

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Bitcoin News: BTC Holdings of the Top Spot ETFs; Will Bitcoin 6x?
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The U.S. Securities and Exchange Commission (SEC) has authorized 11 spot bitcoin ETFs for the first time. One of these is operated by Hashdex, but it is not currently a spot BTC ETF. 

Hashdex clarified that their offering is presently a futures product, with plans to evolve into a spot BTC ETF. It means that the fund does not currently have Bitcoin in its portfolio. 

Companies Disclosed Their BTC Holdings 

Blackrock recently announced that they own 11,439 BTC. It is the second-largest reserve among the funds approved by the SEC, with Grayscale’s GBTC possessing 617,079 BTC. Blackrock’s BTC holdings represent 1.85% of Grayscale’s extensive holdings. According to data from the Bitwise ETF, the fund’s net assets under management (AUM) amount to $242,940,653. 

Bitwise is likely in possession of 5,550 BTC, as per insights provided by a bitcointreasuries.net user, who divided the AUM by the benchmarks reference price noted on the preceding Thursday and Friday. 

However, the specific quantity of BTC is not officially detailed on the Bitwise web portal, which only displays the AUM in U.S. dollars. 

The exchange-traded funds (ETFs), which include Blackrock’s holdings, collectively hold around 26,152 BTC, valued at $1.11 billion according to the current BTC exchange rates. Though a significant amount, it is relatively small when compared to Grayscale’s vast reserve of 617,079 BTC, which makes up just 4.23% of GBTC’s total holdings.

Technical Analysis and Prediction of the BTC Price 

Bitcoin News: BTC Holdings of the Top Spot ETFs; Will Bitcoin 6x?
BTC/USDT chart by TradingView (Daily time frame)

According to recent research by “investing.com,” combining historical trends and echoes of the Coinbase IPO, Bitcoin may rise six times from its present position.

Though past rallies might not be a reliable indicator of future success, this prognosis should be treated cautiously. Some experts speculate that Bitcoin may have started its upward trend already, calculating that the surge is around 20% of the way done.  

They also propose that the all-time highs (ATHs) in this cycle may not achieve the same staggering percentage increases seen in previous cycles. Since spot ETFs debuted in the U.S. on Thursday, Bitcoin (BTC) has declined over 5% to $42,600 in what appears to be a classic “sell the fact” price action.

The current support levels for the BTC price are at $41,159 and $35,761. While the resistance levels are at $46,936 and $52,058. The prediction for the BTC price is bearish and it is also predicted that it will fall below its current 50-day EMA. 

Conclusion 

The SEC authorized 11 spot bitcoin ETFs. Blackrock owns the second-largest reserve among the funds approved. Bitcoin may increase by 6x, according to an analysis from ‘investing.com’. The prediction for the BTC price is bearish, and it may fall below its current 50-day EMA.

Technical Levels

  • Support Levels: $41,159 and $35,761
  • Resistance Levels: $46,936 and $52,058.
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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