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CDS Crypto News Bitcoin ETFs amass over 300,000 BTC in under two months since launch

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Bitcoin ETFs amass over 300,000 BTC in under two months since launch

The nine recently launched U.S. spot Bitcoin ETFs have accumulated over 300,000 BTC in assets under management.

sevval27/02/20241 Mins read68

Bitcoin ETFs amass over 300,000 BTC in under two months since launch

Crypto News– Less than two months after trading began, the nine newly launched spot Bitcoin exchange-traded funds (ETFs) now collectively hold more than 300,000 BTC in assets under management, excluding Grayscale’s converted GBTC fund.

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Bitcoin ETFs amass over 300,000 BTC in under two months since launch

According to K33 Research, as of yesterday’s closing, these nine new ETFs had amassed a total of 303,002 BTC, equivalent to $17 billion. These ETFs, which debuted on Jan. 11, include offerings from BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark Invest 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW).

To put this into perspective, these newly established ETFs now hold nearly 1.5% of Bitcoin’s total supply of 21 million BTC. This surpasses the holdings of software company MicroStrategy, which holds 193,000 BTC, exceeds stablecoin issuer Tether’s 66,465 BTC, and outweighs the combined holdings of all public Bitcoin miners. BlackRock’s IBIT spot Bitcoin ETF leads the pack with over 128,000 BTC ($7 billion) in assets under management, followed by Fidelity’s FBTC with more than 94,000 BTC ($5 billion), according to data from BitMEX Research.

Net inflows reach a cumulative total exceeding 6 billion Dollars

Net inflows across all U.S. spot Bitcoin ETFs have surpassed $6 billion, with a recent daily influx of nearly $520 million — marking the highest inflow in two weeks, according to BitMEX Research.

Fidelity’s FBTC led Monday’s inflows, attracting $243.3 million, followed by Ark Invest 21 Shares’ ARKB with $130.6 million in inflows. BlackRock‘s typically dominant IBIT ETF slipped to third place on Monday, recording $111.8 million in inflows.

On another front, Grayscale’s converted GBTC product, known for its higher fees, experienced its lowest outflows since its launch day, with only $22.4 million leaving the fund. This amount is approximately half of the previous trading day’s outflows and a mere fraction of the total $7.5 billion in outflows it has seen thus far.