Home Coin news New Bitcoin ETFs Now Hold 500,000 BTC

New Bitcoin ETFs Now Hold 500,000 BTC

29 Mar, 2024 Coin news

New Bitcoin ETFs Now Hold 500,000 BTC

Since their inception in January, nine out of the ten newly launched spot Bitcoin exchange-traded funds (ETFs) have collectively amassed over 500,000 BTC, representing 2.54% of the total Bitcoin in circulation.

Launched on January 11, these nine ETFs reached this significant holding after experiencing another day of positive inflows on Thursday, with Bitcoin acquisitions valued at $287.7 million, as reported by Farside Investors.

This accumulation translates to the nine ETFs holding Bitcoin worth approximately $35 billion, achieved within just 54 trading days.

Considering all U.S. spot Bitcoin funds, including Grayscale, the total Bitcoin held is 835,000 BTC, nearing 4% of the total circulating Bitcoin, Farside Investors highlighted.

After a period of outflows that started on March 18, this week marks a return to positive inflows for these ETFs, with $845 million recorded so far.

On March 28 alone, these funds saw an inflow of $183 million, with BlackRock's IBIT fund attracting $95 million of this total.

Fidelity and Bitwise each witnessed inflows close to $67 million, while Ark 21Shares received $27.6 million, following a significant $200 million inflow on Wednesday.

Meanwhile, Grayscale's GBTC experienced an outflow of $105 million, the lowest since March 12, having reduced its GBTC fund by approximately 284,846 BTC since transitioning to a spot ETF in mid-January.

In other developments, Bitwise submitted an S-1 application to the Securities and Exchange Commission for a spot Ethereum ETF on March 28.

Reacting to this submission, ETF analyst Eric Balchunas commented that his expectations for an ETH ETF approval in May stand at a skeptical 25%, though he admits this could decrease.

He noted the concerning silence from the SEC with seven weeks remaining until the deadline.

Sources:

https://cointelegraph.com/news/new-bitcoin-etfs-hold-500000-btc-gbtc-outflows-slow

https://farside.co.uk/?p=997

https://twitter.com/EricBalchunas/status/1773455316081934825

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