Key Points
- US spot Bitcoin exchange-traded funds (ETFs) now hold approximately 4% of the total Bitcoin supply.
- The total net asset value of all spot Bitcoin ETFs has exceeded $54 billion.
The recently launched spot Bitcoin ETFs in the US have been rapidly accumulating Bitcoin, now possessing around 4% of the total supply of 21 million Bitcoin (BTC).
On a single day, these ETFs saw net inflows of $472.6 million. Notably, Fidelity's FBTC spot Bitcoin ETF experienced a record single-day net inflow of $473.4 million. In contrast, Grayscale's GBTC fund, which has higher fees, recorded a net outflow of $374.8 million on the same day.
Spot Bitcoin ETFs' Growing Influence
The total net asset value of all spot Bitcoin ETFs has reached over $54 billion, with cumulative net inflows amounting to $9.37 billion. This indicates that spot Bitcoin ETFs currently hold nearly 4% of the entire supply of the leading cryptocurrency.
Known as the "newborn nine," the nine newly launched spot Bitcoin ETFs are projected to hold more Bitcoin than Grayscale's converted GBTC fund by the end of the US market session today. As of yesterday, GBTC held 400,186 bitcoins, while the "newborn nine" held 397,847 coins.
Other Developments
In related developments, BlackRock intends to purchase its own spot Bitcoin ETFs, as well as other Bitcoin ETFs, through its Global Allocation Fund, which has nearly $18 billion in assets.
