"A lot of people also bought BTC, but the price this morning seems to be falling."
The price of cryptocurrency king Bitcoin (BTC) which climbed to $70,000 last Friday was driven by the iShares BTC ETF BlackRock (IBIT), Fidelity (FBTC), Ark Invest (ARKB) and Bitwise (BITB) which bought 56,954 BTC this week.
Since being approved by the Securities and Exchange Commission (SEC), the four spot BTC ETFs that consistently buy large amounts of BTC each week have contributed to the ongoing accumulation trend in the crypto space.
During the nine weeks, the four main BTC ETF products managed to collect a large amount of BTC of about 40,000 but it should be noted that the amount of purchases decreased only in the fifth and seventh weeks.
The major player reached its highest level of acquisition in the second week after collecting 68,000 BTC obtained from mining activities and on March 1, 2024, the BTC ETF experienced a net outflow of $140 million.
It is also worth noting that BlackRock has collected more than 31,000 BTC in the past week closely followed by Fidelity Investments who bought 19,960 BTC while the other two managed to buy 5,400 BTC.
Overall, the performance of all four spot BTC ETFs was reflected in the price action of the underlying asset last week as BTC hit two surprisingly high all-time highs.
As of this writing, the price of BTC trading at $68,061 has fallen slightly by 1.84% in the past 24 hours with a market cap of over $1 trillion but is still up 6.72% over the past week.