Key Points
- Recently approved US spot Bitcoin ETFs are expected to surpass the holdings of Grayscale Bitcoin Trust (GBTC) today.
- BlackRock's IBIT spot Bitcoin ETF has seen significant success, recording a daily inflow record of $788.3 million.
The nine recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States are predicted to exceed the holdings of the Grayscale Bitcoin Trust (GBTC) today.
According to Vetle Lunde, a senior analyst at K33 Research, GBTC held 400,186 bitcoins as of yesterday, while the new spot Bitcoin ETFs held 397,847 coins.
Spot Bitcoin ETFs' Success
Spot Bitcoin ETFs have been largely successful in the US. Bitcoin (BTC)'s IBIT offering from BlackRock achieved a record daily inflow of $788.3 million on Tuesday.
On the same day, the combined spot ETFs generated nearly $10 billion of trading volume. Additionally, IBIT has recently surpassed the Bitcoin holdings of MicroStrategy, as reported by BitMEX Research.
In a conversation with Reed Werbitt and Greg Guttas, Flowdesk executives, it was suggested that such Bitcoin ETFs are introducing a "multi-decade TWAP of buy only."
SEC's Decision on BlackRock's Spot Bitcoin ETF
In other news, the U.S. Securities and Exchange Commission announced yesterday that it is extending the time period to decide whether it will approve or disapprove trade options on BlackRock's spot Bitcoin ETF until next month.
