Since their launch in January, the nine new spot Bitcoin exchange-traded funds (ETFs) have managed to accumulate over 500,000 Bitcoin (BTC). This impressive feat now means that the ETFs hold approximately 2.54% of the current circulating supply.
The nine ETFs reached this milestone on Thursday after experiencing another day of inflows. According to Farside Investors, the ETFs managed to acquire $287.7 million worth of Bitcoin on that day.
As a result, the total amount of Bitcoin held by these nine ETFs now stands at a staggering $35 billion. It is worth noting that this impressive figure has been amassed over just 54 trading days.
It is also interesting to highlight that, in total, all U.S. spot Bitcoin funds, including Grayscale, currently hold approximately 835,000 BTC. This amount represents almost 4% of the entire Bitcoin supply.
This week has seen a positive turnaround for ETF inflows, with a total of $845 million flowing into these funds so far. This marks a reversal of the previous trend of outflows that began on March 18.
On March 28, there was a significant inflow of $183 million, with BlackRock leading the pack as its IBIT fund attracted $95 million. Fidelity and Bitwise also saw substantial inflows of around $67 million each, while Ark 21Shares received $27.6 million following a massive inflow of $200 million on Wednesday.
In contrast, Grayscale’s GBTC fund experienced an outflow of $105 million, which is the lowest it has been since March 12. Since converting to a spot ETF in mid-January, the crypto asset manager has shed approximately 284,846 BTC from its GBTC fund.
In related news, Bitwise recently filed an S-1 application with the Securities and Exchange Commission for their spot Ethereum ETF on March 28. However, fellow ETF analyst Eric Balchunas remains pessimistic about the approval of an ETH ETF in May, giving it odds of only 25% or potentially lower. With seven weeks remaining until the deadline, the lack of communication from the SEC is disheartening, according to Balchunas.
Overall, the success of Bitcoin ETFs has made Coinbase a prime target for hackers and governments, according to the CEO of Trezor. This highlights the growing importance and influence of ETFs within the crypto industry.
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Sources:
– HODL15Capital
– Farside Investors
– Eric Balchunas
– Trezor CEO