ETF firms are expanding their reach in Bitcoin; it is becoming the system of their commerce.
This Competition is new
ETF firms are competing among themselves to purchase bitcoin. New research shows that demand for Bitcoin ETFs has increased to above 11000 BTC a day as of February 9, 2024, which is still around 9000 BTC following GBTC's 2k+ outflow. This proves that Wall Street wants a strong hold on BTC.
Buy and HODL the Futute
ETF firms are trying to acquire BTC in increasing quantities; for this, firms are buying Bitcoin from mining companies and other BTC sellers. The ETF industry has largely overtaken BTC maximalists in purchasing and HODLing, with many companies owning more Bitcoin than BTC country El Salvador, which marks their economic goals.
Taking over Mining
Large companies are also trying to increase the capacity of their mining firms. Recently, RIOT, a mining firm owned by BlackRock and Vanguard, is building a mining facility in Texas with a budget of $333 million, where mining Bitcoin will be like producing raw materials for ETF firms at their convenience.
