Arkham, a company specializing in blockchain transaction analysis, announced the identification of four lists of addresses associated with four new bitcoin exchange-traded funds (ETFs). These addresses are associated with fund managers such as Blackrock, Fidelity, Bitwise and Franklin Templeton.
Arkham previously disclosed GBTC assets, and with this, they have now identified half of the ETFs in the US market. However, the identified addresses are found to contain 39,925 BTC, which is less than the 44,004 BTC reported by IBIT. The analysis shows that IBIT's funds are spread across multiple addresses, each containing a maximum of 1,200 BTC. The Franklin Templeton EZBC ETF is accurately identified and its holdings match those of the asset managers.
Arkham's investigation also identified assets in Fidelity's Wise Origin Spot bitcoin ETF, FBTC, totaling 34,127 BTC, which matches Fidelity's most recent update dated January 23, 2024.
Bitwise's BITB fund wallets containing 11,188 BTC have also been identified. In addition, Bitwise manages other crypto assets for the Bitwise 10 Crypto Index fund, known as BITW.
Coinbase Custody controls the assets of all the exchange traded funds (ETFs) mentioned, with the exception of Fidelity, which utilizes its own BTC custody services. Coinbase often acts as the primary counterparty for the transactions of the other three ETFs, which greatly enhances market transparency.
However, not all of the new ETFs have the required amount of bitcoin in their accounts. IBIT's 4079 BTC discrepancy provides food for thought. There may have been $160 million worth of "paper" bitcoins on the market in the first two weeks of the bitcoin ETF.
This is just the beginning of the ETF, but already $160 million worth of bitcoins out of thin air. In addition, only half of the funds' addresses have been disclosed. We'll keep an eye out for Arkham reports in the future, though first we need to figure out what kind of company Arkham Intelligence is.
The company has caught the attention of regulators with its dox-to-earn program, and its founder, Miguel Morel, previously co-founded Reserve with Nevin Freeman. However, it's worth noting that the RSV stablecoin created by this office has zero liquidity against USDT.
Morel has been invited to speak, and while much remains unknown, he has been released. In the world of cryptocurrencies, there are both large scammers creating bitcoin exchange-traded funds and small scammers covering them up. Welcome to the world of cryptocurrencies!
If I had to order an audit of counterparties with turnover in the trillions of dollars, I would, without a doubt, entrust it to Miguel Morel, such a handsome Latino.