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CDS Crypto News US Spot ETFs: Holding 4% of Bitcoin’s Total Supply

Crypto News

US Spot ETFs: Holding 4% of Bitcoin’s Total Supply

The nine recently introduced ETFs, affectionately dubbed the "newborn nine," are racing ahead, poised to surpass Grayscale's transformed GBTC fund in Bitcoin holdings by the close of today's trading session.

Ecem EFE08/03/20241 Mins read360

Crypto News- The recently launched spot Bitcoin exchange-traded funds (ETFs) in the United States are rapidly accumulating Bitcoin, now accounting for roughly 4% of the total 21 million BTC supply. Yesterday, these U.S.-listed spot Bitcoin ETFs saw a substantial influx of $472.6 million, with Fidelity’s FBTC ETF witnessing a record-breaking single-day net inflow of $473.4 million. Conversely, Grayscale’s GBTC, with its higher fee structure, experienced a single-day net outflow of $374.8 million.

US Spot ETFs: Holding 4% of Bitcoin’s Total Supply

This surge in activity has propelled the total net asset value of all spot Bitcoin ETFs to surpass $54 billion, with cumulative net inflows exceeding $9.37 billion. Notably, data analyst Dragonfly, known as hildobby, has pointed out that these ETFs now collectively hold slightly over 4% of the total Bitcoin supply.

Referred to as the “newborn nine,” the nine newly launched spot Bitcoin ETFs are poised to surpass Grayscale’s GBTC fund in Bitcoin holdings by the end of today’s U.S. market session. As of yesterday, GBTC held 400,186 bitcoins, while the “newborn nine” ETFs held 397,847 coins, according to K33 Research senior analyst Vetle Lunde.

In another development, it has been revealed that BlackRock intends to invest in its own spot Bitcoin ETFs, along with other Bitcoin ETFs, leveraging its Global Allocation Fund, which boasts assets nearing $18 billion.

Sources:theblock

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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