"Fulamak is not kidding, it's really fast when you want to fight for BTC."
Immediately following approval by the Securities and Exchange Commission (SEC), 8 of the 11 spot Bitcoin (BTC) ETF issuers were found to have collectively added another 9,901 BTC to their portfolios on February 27, 2024.
By observation, Blackrock IBIT added 2,051 BTC, Fidelity 4,460 BTC, Bitwise BITB 682 BTC, Ark Invest ARKB 2,394 BTC, VanEck HODL 170 BTC and lastly Franklin Templeton EZBC added 145 BTC.
Admittedly, Invesco's Galaxy and Valkyrie spot BTC ETFs haven't added any BTC like their competitors, but it's worth noting that Grayscale has seen another fairly significant outflow.
GBTC led by Michael Sonnenshein has recorded an outflow of 921 BTC, so here it can be seen that there is a gradual decrease in the overall outflow recorded by the GBTC firm.
Like to be informed that the increasing BTC shows that whales continue to buy it and even though the spot BTC ETF is gaining traction, the activities of the whales are able to attract more investors, especially those who observe the actions of leading investors to make decisions.
The price of BTC which has already passed $57,000 is expected to gradually climb towards $60,000 and may reach $70,000 in a short time if current predictions hold true.
As such, higher investment will be prioritized in determining BTC price action, so the possibility of having more investors looking into BTC is quite high as many traders will join the crypto market due to FOMO.
