The US Spot Bitcoin (BTC) ETFs have registered approximately $ 2.8 billion in net tickets in the last five days of negotiation, which helps boost the highest bitcoin price of around $ 85,000 to $ 94,000. The Ishares Bitcoin Trust (Ibit) has represented only $ 1.3 billion of these tickets.
Michael Saylor, president of Bitcoin’s owner strategy (MSTR), declared that “Ibit will be the largest ETF in the world in ten years.” Saylor made the comments on Bitcoin Standard Corporation investors day.
To put this in perspective, Ibit currently has a market capitalization of $ 54 billion and on Thursday more than $ 1.5 billion in volume. In comparison, the largest ETF of Market Cap, the Vanguard S&P 500 ETF (VOO), has a market capitalization of $ 593.5 billion, more than ten times greater than that of Ibit.
Eric Balchunas, Senior ETF analyst at Bloomberg, acknowledged the possibility that Ibit became the greatest ETF, although he emphasized that it would be extraordinary.
“It is possible, especially if Ibit begins to take more effective than VOO, but that would require tickets well north of $ 1 billion per day, more likely in the range of $ 3 to $ 4 billion per day, to gain ground. In short, some extraordinary things would have to happen, but it is possible,” said balchunas.
Meanwhile, annualized base trade for Bitcoin ETFs, investors take the ETF a lot of time and cut Bitcoin CME futures, has increased to almost 10%, compared to 5% in early April. This increase, together with an increase of 2,000 BTC in the open interest of futures during the past week, suggests that a part of ETF’s net entries may not be purely directional bets, but part of the base of trade.
