New Bitcoin ETFs Now Hold 500,000 BTC
29 Mar, 2024 ● Coin news
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://twitter.com/EricBalchunas/status/1773455316081934825
