Spot Bitcoin ETFs Hold 4% of Total Bitcoin Supply: New Data
Updated: March 8, 2024, 7:04AM EST
Yesterday, U.S.-listed spot bitcoin ETFs received a total net inflow of $472.6 million, while Fidelity’s FBTC spot bitcoin ETF experienced a record single-day net inflow of $473.4 million. On the other hand, Grayscale’s GBTC fund saw a single-day net outflow of $374.8 million. The total net asset value of all spot bitcoin ETFs has now surpassed $54 billion, with cumulative net inflows reaching $9.37 billion.
Spot Bitcoin ETFs Hold Just Over 4% of Bitcoin Supply
The latest data reveals that spot bitcoin ETFs now hold slightly over 4% of the entire supply of bitcoin. This information was highlighted by Dragonfly data analyst hildobby.
“Newborn Nine” on Track to Surpass GBTC Holdings
The nine new spot bitcoin ETFs, known as the “newborn nine,” are projected to hold more bitcoins than Grayscale’s GBTC fund by the end of today’s U.S. market session. GBTC currently holds 400,186 bitcoins, while the “newborn nine” hold 397,847 coins.
BlackRock Plans to Invest in Spot Bitcoin ETFs
BlackRock has announced plans to purchase its own spot bitcoin ETFs and other bitcoin ETFs using its Global Allocation Fund, which has assets close to $18 billion.
Hot Take: Spot Bitcoin ETFs Gain Momentum
The recent surge in net inflows into U.S.-listed spot bitcoin ETFs indicates growing investor interest and confidence in these investment vehicles. This trend has several implications for the crypto market:
Increased Market Presence
- Spot bitcoin ETFs now hold slightly over 4% of the total bitcoin supply, demonstrating their significant market presence and influence.
Competition with Grayscale’s GBTC Fund
- The “newborn nine” spot bitcoin ETFs are on track to surpass the holdings of Grayscale’s GBTC fund, indicating a shift in investor preferences towards these new offerings.
Institutional Adoption
- BlackRock’s decision to invest in spot bitcoin ETFs with its Global Allocation Fund further validates the growing institutional adoption of cryptocurrencies.
Overall, the rise of spot bitcoin ETFs and their increasing market share highlight the mainstream acceptance and integration of cryptocurrencies into traditional investment portfolios.
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