Slow GBTC Outflows as New Bitcoin ETFs Accumulate 500,000 BTC

Since their launch in January, nine out of the ten new spot Bitcoin (BTC) exchange-traded funds (ETFs) have acquired over 500,000 BTC, representing 2.54% of the current circulating supply. On Thursday, these ETFs reached this milestone after attracting $287.7 million in Bitcoin, according to Farside Investors. In just 54 trading days, the total value of BTC held by these ETFs has reached $35 billion. Including Grayscale, all US spot Bitcoin funds now hold 835,000 BTC, which is almost 4% of the entire supply. This week, ETF inflows have returned to positive territory, with $845 million in inflows recorded so far, reversing the previous trend of outflows that began on March 18. On March 28, there was a total inflow of $183 million, with BlackRock leading the way with its IBIT fund attracting $95 million. Fidelity and Bitwise also saw similar inflows of around $67 million each, while Ark 21Shares attracted $27.6 million following a significant inflow of $200 million on Wednesday. Grayscale’s GBTC outflow was $105 million, the lowest since March 12. Since converting to a spot ETF in mid-January, Grayscale has shed around 284,846 BTC from its GBTC fund. In related news, Bitwise filed an S-1 application with the Securities and Exchange Commission for its spot Ethereum ETF on March 28. ETF analyst Eric Balchunas reacted to the news, expressing pessimism about the chances of an ETH ETF approval in May. He stated that his odds remain at 25%, but he could lower them further as there are seven weeks until the deadline and the lack of communication from the SEC is discouraging. Trezor CEO also highlighted that Bitcoin ETFs make Coinbase a target for hackers and governments.