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Home»ADOPTION NEWS»4% of the total Bitcoin supply is currently backed by US spot ETFs.
ADOPTION NEWS

4% of the total Bitcoin supply is currently backed by US spot ETFs.

By Crypto FlexsMarch 8, 20243 Mins Read
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4% of the total Bitcoin supply is currently backed by US spot ETFs.
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Funding • March 8, 2024 6:24 AM EST

Posted 1 minute ago In ~

Updated: March 8, 2024 7:04 AM EST

The spot Bitcoin exchange-traded fund recently listed in the U.S. continues to suck up Bitcoin and currently holds about 4% of the total 21 million Bitcoin. BTC

+0.57%
supply.

Total net inflows into US-listed spot Bitcoin ETFs yesterday were $472.6 million. data From BitMEX Research. At the same time, Fidelity’s FBTC Spot Bitcoin ​​ETF recorded daily net inflows of $473.4 million, a record high. In contrast, Grayscale’s GBTC high-cost fund recorded net outflows of $374.8 million per day.

Additionally, the total net asset value of all spot Bitcoin ETFs reached over $54 billion, with cumulative net inflows reaching $9.37 billion.

This latest data means that spot Bitcoin ETFs currently hold over 4% of the total supply of the major cryptocurrency. highlighted Written by Dragonfly data analyst known as hildobby.

Additionally, nine new spot Bitcoin ETFs, dubbed the “newborn nine,” are on pace to hold more Bitcoin than Grayscale’s converted GBTC fund by the end of today’s US market session.

According to Vetle Lunde, senior analyst at K33 Research, GBTC holds 400,186 bitcoins as of yesterday, while the “Newborn 9” US Spot Bitcoin ETF holds 397,847 coins.

In related news BlackRock plans to purchase its own spot Bitcoin ETF and other Bitcoin ETFs through its Global Allocation Fund, which holds close to $18 billion in assets.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and was the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).

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