Less than a month after trading began, the nine newly created spot Bitcoin exchange-traded funds now hold more than 200,000 units. BTC
+6.20%
Assets under management – excluding Grayscale’s converted GBTC funds.
According to K33 Research, the nine new ETFs had amassed 203,811 ($9.5 billion) as of yesterday’s close. ETFs launched on January 11 include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), and Franklin Templeton (EZBC). there is. and Wisdom Tree (BTCW).
To put this in context, the newly created ETF now holds almost 1% of Bitcoin’s total supply of 21 million BTC. This is more than software company MicroStrategy’s 190,000 BTC, more than three times stablecoin issuer Tether’s 66,465 BTC, and more than all public Bitcoin miners combined.
Bitcoin held by new ETF. Image: K33 Research.
BlackRock’s IBIT Spot Bitcoin ETF leads the way with more than 80,000 BTC ($3.7 billion) in assets under management, while Fidelity’s FBTC is second among new funds with more than 68,000 BTC ($3.2 billion), according to data from BitMEX Research. is high.
IBIT and FBTC holdings lead the top 25 new ETFs overall after a month of trading, according to Bloomberg ETF analyst Eric Balchunas. “Let’s take a look at the top 25 ETFs by asset after one month on the market (out of a total of 5,535 ETFs launched over 30 years). IBIT and FBTC each have over $3 billion in funds and still have two days remaining. ARKB and BITB were also included in the list,” Balchunas said yesterday.
ETF assets after one month. Image: Bloomberg Intelligence.
By contrast, assets held by Grayscale’s converted GBTC fund have fallen nearly 25% since January 11, from about 619,000 BTC ($28.8 billion) to 469,000 BTC ($21.8 billion), according to CoinGlass data.
Grayscale Bitcoin holdings. Image: Coinglass.
BlackRock’s IBIT is traded more than Grayscale’s GBTC amid high inflows.
BlackRock’s IBIT outperformed Grayscale’s Bitcoin fund in trading volume on Thursday, bringing in $481.6 million compared to GBTC’s $373.9 million, according to The Block’s data dashboard. Fidelity’s FBTC came in third with $246.6 million in yesterday’s trading volume.
“It usually takes almost 5-10 years for a newborn to dethrone the liquidity king of the category. IBIT achieved this in less than a month. We are currently trading more than GBTC and BITO,” Balchunas said on Thursday.
According to The Block’s data dashboard, GBTC’s spot Bitcoin ETF market share by trading volume has continued to decline in recent days, having more than halved from a high of 63.9% on January 17 to 29.1% as of yesterday.
Nine new companies also saw strong inflows on Thursday, with IBIT and FBTC adding $204.1 million and $128.3 million, respectively, according to BitMEX Research. GBTC recorded outflows of $101.6 million, while the remaining spot Bitcoin ETFs each recorded inflows of less than $100 million, bringing net inflows for the day to $405 million. Total net flows now exceed $2.1 billion.
In terms of all Bitcoin investment vehicles globally, Thursday saw the highest daily net inflows since January 2021, according to K33 Research analyst Vetle Lunde. “Currently, 4.52% of the circulating BTC supply is held by investment vehicles, with assets under management of 887,443 BTC,” he said.
Bitcoin investment vehicle globally. Image: K33 Research.
According to The Block’s price page, Bitcoin is currently trading at $46,721. Bitcoin price is up 4.3% in the last 24 hours, 8% in the past week, and 10.7% since the beginning of the year.
BTC/USD price chart. Image: Block/TradingView.
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