Trading Volume of 9 Spot Bitcoin ETF Products Reaches IDR 37.5 Trillion

Previously it was reported that the Asset Under Management (AUM) of the Bitcoin Spot ETF touched USD 10 billion or the equivalent of IDR 155.8 trillion (assuming an exchange rate of IDR 15,589 per US dollar) within 20 days of when it was first traded.

Reporting from Yahoo Finance, Tuesday (13/2/2024), the companies leading the Bitcoin Spot ETF managed funds are iShares Bitcoin Trust from BlackRock and Wise Origin Bitcoin Fund from Fidelity, with ownership of USD 4 billion each or the equivalent of Rp. 62, 3 trillion and USD 3.4 billion or the equivalent of IDR 52.9 trillion.

ARK 21Shares Bitcoin ETF also recently surpassed the USD 1 billion mark or equivalent to IDR 15.5 trillion on February 10. While the Grayscale Bitcoin Trust (GBTC) continues to experience outflows, the pace is slowing, with the smallest daily withdrawal on February 9. Analysts anticipate further growth as trading firms complete their transactions.

ARK Invest, known for its bullish stance, sees Bitcoin replacing gold as a safe haven asset, predicting price appreciation will continue due to its growing role in financial markets.

They believe Bitcoin's properties will allow it to weather rising interest rates and inflation, thereby offering unique advantages in the current macroeconomic climate.

The recent approval of a Bitcoin ETF application by the SEC, after more than a decade since the first proposal, marks a significant milestone.

This development not only signals growing institutional support for Bitcoin, but also a potential shift in the way investors view Bitcoin as a store of value.