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Samson Mow, the CEO of JAN3 recently took to X to share some details about the accumulation statistics of spot Bitcoin ETF, underscoring the trends in the new asset class that were greenlighted by the United States Securities and Exchange Commission (SEC) about two weeks ago.
BlackRock and Fidelity Accumulation Stat
To begin with, the Bitcoin Marxist pointed out that most people tend to overlook the rate of accumulation of spot Bitcoin ETFs. For the last few MicroStrategy (MSTR) acquisitions of the coin, the firm bought 14,600 BTC and 16,100 BTC respectively.
For comparison, BlackRock’s spot Bitcoin ETF IBIT has an average stack of $200 million per day which is equivalent to 4,700 BTC.
On one hand, Fidelity Investments (FBTC) is recording an average stack of approximately $175 million per day which is also equivalent to 4,200 BTC. Together, the IBIT/FBTC intake is about 9,000 Bitcoin in a day. Looking at these figures, it is obvious that for every two days, just two out of the newly greenlighted ETF issuers perform as high as MicroStrategy’s MSTR does in a month.
Of the 9,000 IBIT/FBTC Bitcoin, mining accounts for only 900 units a day, representing 10% of the total daily stack. This means that the demand from BlackRock and Fidelity alone is ten times the current supply. By the next three months when supply will likely get cut in half, Samson Mow noted that the demand would have become about twenty times the supply.
The most important thing with the #Bitcoin ETFs that most people seem to miss is the rate of accumulation.
The last few $MSTR mega-stacks (over 10k BTC) were 14.6k and 16.1k BTC.
IBIT’s average stack is ˜$200M/day or 4.7k BTC.
FBTC’s average stack is ˜$175M/day or 4.2k BTC.… https://t.co/8jviP8Scor— Samson Mow (@Excellion) January 29, 2024
Recall that this demand is just from two spot Bitcoin ETFs and not the entire batch that got approved by the U.S. SEC. In addition, assets like MSTR, Tether, and many more Corporations are also in this accumulation phase, alongside “nation-states, HNWIs, and plebs” per Samson Mow’s observation.
To wrap up his accumulation thesis, Samson Mow advised investors to plan accordingly.
Spot Bitcoin ETF Gaining Attention
Beyond this accumulation statistics from Samson Mow, quite some events have happened surrounding spot Bitcoin ETFs since their approval. Grayscale GBTC outflows are still ongoing, however, there has been a dip compared to the initial stage. Thus far, the GBTC outflows have reached a massive $2.2 billion in worth.
As the launch of the spot Bitcoin ETF brings a new vibe of activities to the U.S., Hong Kong is working on releasing and approving its version of spot crypto ETFs, underscoring the attention the product is gaining globally. One of China’s largest fund companies known as Harvest Hong Kong has applied for a spot BTC ETF approval from the Securities and Futures Commission (SFC).
In the coming weeks, many other regulators might show interest in supporting the product as a way to attract institutional capital.
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