BTC hits $71K! BlackRock's IBIT holds more Bitcoin than MicroStrategy, GBTC surpassed by other ETFs

Bitcoin hit a new all-time high on 3/11, surpassing $71,000; in the futures market, nearly 90% of the positions liquidated in the past four hours were short positions, totaling approximately $55 million.

Bitcoin reached a new all-time high on 3/11, surpassing 71K; in the futures market, nearly 90% of positions were liquidated in the past four hours, totaling around 55 million USD.

Bitcoin 71K

The launch of Bitcoin spot ETF in 2024 brought strong momentum to Bitcoin prices, reaching a historic high of 70K on 3/8. The largest fund inflow in the ETF, BlackRock's IBIT, has surpassed MicroStrategy's 193,000 Bitcoins, managing 197,943 Bitcoins as of 3/8.

What is the operating principle behind MicroStrategy issuing convertible bonds with low interest rates and high stock conversion prices?

In addition, among the top ten ETFs, Grayscale's GBTC is the only one showing continuous net outflows, still holding nearly 400,000 Bitcoins. Over the past two months, a total of 222,273 Bitcoins have been cashed out in trading days;

Approximately 4-5 thousand Bitcoins have been withdrawn daily in the past week, with relatively large net inflows on Mondays.

The good news is that the total of 409,241 Bitcoins in the other nine ETFs has surpassed GBTC, indicating a growing interest in the Bitcoin market.

However, reaching these milestones does not necessarily mean a boost for Bitcoin; the daily fund inflows of the other nine ETFs still fluctuate, with almost a quantitative net outflow gap compared to GBTC, which has a certain impact on the market.

It is certain that the influence of Wall Street giants on the Bitcoin market has grown larger due to ETFs; BitMEX founder Arthur Hayes once expressed concerns before the ETF approval, fearing that Bitcoin controlled by Wall Street would have a negative impact, leading to more involvement from large corporations and governments, thereby reducing Bitcoin's activity.

BitMEX founder skeptical about Bitcoin ETF: BlackRock is like a national agent, fearing accelerated destruction