Skip to content

Crypto Highlights of the Day: Nine Spot Bitcoin ETFs Accumulate 100K BTC in 7 Days

A roundup of today's crypto news includes the rapid accumulation of Bitcoin by spot ETFs, Commissioner Hester Peirce's stance on ETH ETFs, and JPMorgan's downgrade of Coinbase stock amid changing market dynamics.

Stay Updated on the Latest Crypto Trends and Events

Get the latest insights into Bitcoin, blockchain, DeFi, NFTs, Web3, and crypto regulation with a roundup of today's crypto news.

1. Nine Spot Bitcoin ETFs Acquire 100,000 BTC in Just 7 Days

In a remarkable display of demand, nine spot Bitcoin exchange-traded funds (ETFs), including BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC), have collectively acquired 102,613 BTC within the first week of trading since their launch on January 11. This achievement stands in stark contrast to MicroStrategy, which took approximately 300 days to amass the same amount of Bitcoin. As of December 26, 2023, MicroStrategy held a total of 189,150 BTC.

2. ETH ETFs May Not Require Lawsuits for Approval, Says "Crypto Mom"

Hester Peirce, known as "Crypto Mom," a Commissioner at the United States Securities and Exchange Commission (SEC), believes that spot Ether (ETH) exchange-traded fund (ETF) applications won't necessitate legal action for approval. She cited the recent court loss of the SEC to Grayscale as a precedent-setting event that opened the door for Bitcoin ETFs. Peirce emphasized that the SEC should not require a court judgment to recognize the need for a fair approach in evaluating ETF applications. Although the SEC must decide on VanEck’s ETH ETF application by May 23, analysts predict simultaneous approvals for applications from BlackRock, ARK 21Shares, Grayscale, Hashdex, Fidelity, and Invesco Galaxy.

3. JPMorgan Downgrades Coinbase Stock

JPMorgan has downgraded the stock of popular crypto exchange Coinbase due to Bitcoin's lackluster price performance following the approval of nine spot exchange-traded funds. In a note to investors, JPMorgan analysts expressed skepticism about the upside potential of Coinbase's stock and downgraded it to a "neutral" rating. The bank maintained its year-end price target for COIN at $80, even though it is currently trading around $124, implying a potential downside of over 35%. JPMorgan believes that while Coinbase remains a dominant player in the U.S. crypto ecosystem and global cryptocurrency trading, the expected catalyst from Bitcoin ETFs may not meet market expectations. Despite Bitcoin's price retracement below $40,000 due to selling pressure from Grayscale's Bitcoin Trust (GBTC), Bitcoin ETFs have attracted over $1.1 billion in net inflows, as reported by Bloomberg analyst James Seyffart.

Stay tuned for more updates on the dynamic world of cryptocurrencies and blockchain technology.