To date, the 9 newly launched US spot Bitcoin exchange-traded funds (ETFs) have achieved a notable milestone, collectively accumulating over 300,000 BTC in belongings underneath administration (AUM) – a determine amounting to just about 1% of BTC provide of 21 million – in simply lower than two months after their inception.
This feat underscores the rising investor curiosity in Bitcoin and the growing adoption of cryptocurrency funding merchandise in conventional monetary markets.
Notably, these 9 US spot BTC ETFs embody BlackRock (IBIT), Constancy (FBTC), Ark 21Shares (ARKB), Invesco (BTCO), Bitwise (BITB), Valkyrie (BRRR), Franklin Templeton (EZBC), WisdomTree (BTCW), and VanEck (HODL).
Spot Bitcoin ETFs Break New File
In keeping with knowledge from K33 Analysis, since their debut on January 11, these 9 new entrants of spot Bitcoin ETF have quickly gained traction, attracting a complete of 303,002 BTC, equal to $17 billion at yesterday’s closing costs.
The new child 9 have amassed 300,000 BTC! pic.twitter.com/TfNWGgsSmg
— Vetle Lunde (@VetleLunde) February 27, 2024
This inflow of funds highlights traders’ confidence in Bitcoin as a long-term funding asset. Main the pack amongst these 9 ETFs is BlackRock’s IBIT spot Bitcoin ETF, boasting over 128,615 BTC price roughly $7.2 billion in AUM, adopted intently by Constancy’s FBTC with greater than 94,455 BTC price $5.2 billion, as reported by BitMEX Analysis.
Bloomberg Senior ETF Analyst Eric Balchunas commented on this historic achievement, emphasizing the rising demand for cryptocurrency funding merchandise.
It’s official..the New 9 Bitcoin ETFs have damaged all time quantity report right now with $2.4b, simply barely beating Day One however about double their latest every day common. $IBIT went wild accounting for $1.3b of it, breaking its report by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Whereas additionally making feedback on the elements behind this feat, Balchunas famous:
Not completely positive purpose in addition to value rally producing curiosity however it does seem to be these items actually see heightened motion on first day after wknd
In the meantime, as proven in Coinglass’ knowledge, the belongings managed by Grayscale’s transformed GBTC fund have notably decreased, plummeting by greater than 28% since January 11. The fund’s holdings, which stood at round 619,000 BTC ($35 billion) then, have dwindled to 444,000 BTC ($25 billion).
Bitcoin ETF Surge Sparks Market Influence
It’s price noting that the surge in BTC ETFs has additionally considerably impacted market inflows and outflows. Complete web inflows throughout all US spots of Bitcoin ETFs exceeded $6 billion yesterday, witnessing almost $520 million in web inflows — the best in two weeks.
[2/3] Similar knowledge in BTC phrases…
9,510 BTC web influx on twenty sixth Feb. pic.twitter.com/UiLK2qrJ7I
— BitMEX Analysis (@BitMEXResearch) February 27, 2024
Moreover, BTC spot ETFs have additionally performed a big position in final week’s influx of crypto funding merchandise, as revealed by CoinShares knowledge.
As crypto funding merchandise attracted roughly $598 million in investments over the previous week alone, a notable dominance got here from Bitcoin-based funds, significantly spot ETFs, which drew in $570 million of the whole investments.
Featured picture from Unsplash, Chart from TradingView
