Bitcoin ETF

Bitcoin

Spot

So far, the nine newly launched US spot Bitcoin exchange-traded funds (ETFs) have <a href="https://twitter.com/VetleLunde/status/1762385285915070750?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">achieved</a> a notable milestone, collectively accumulating over 300,000 BTC in assets under management (AUM) – a figure amounting to nearly 1% of BTC supply of 21 million – in just less than two months after their inception. 
This feat underscores the growing investor interest in Bitcoin and the increasing adoption of cryptocurrency investment products in traditional financial markets. 
Notably, these <a href="https://bitcoinist.com/bitcoin-etf-these-9-new-participants-accumulated/" target="_blank" rel="noopener ">nine US spot BTC ETFs</a> include BlackRock (IBIT), Fidelity (FBTC), Ark 21Shares (ARKB), Invesco (BTCO), Bitwise (BITB), Valkyrie (BRRR), Franklin Templeton (EZBC), WisdomTree (BTCW), and VanEck (HODL). 
<h2 id="spot-bitcoin-etfs-break-new-record">Spot Bitcoin ETFs Break New Record</h2> 
According to data from K33 Research, since their debut on January 11, these nine new entrants of spot Bitcoin ETF have rapidly gained traction, attracting a total of 303,002 BTC, equivalent to $17 billion at yesterday’s closing prices. 
<blockquote class="twitter-tweet"> 
 The newborn nine have amassed 300,000 BTC! <a href="https://t.co/TfNWGgsSmg" target="_blank" rel="noopener nofollow">pic.twitter.com/TfNWGgsSmg</a> 
 — Vetle Lunde (@VetleLunde) <a href="https://twitter.com/VetleLunde/status/1762385285915070750?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 27, 2024</a>
</blockquote> 
This influx of funds highlights investors’ confidence in Bitcoin as a long-term investment asset. Leading the pack among these nine ETFs is BlackRock’s IBIT spot <a href="https://bitcoinist.com/bitcoin-boom-countdown-galaxy-ceo-casts-bullish/" target="_blank" rel="noopener ">Bitcoin</a> ETF, boasting over 128,615 BTC worth roughly $7.2 billion in AUM, followed closely by Fidelity’s FBTC with more than 94,455 BTC worth $5.2 billion, as <a href="https://x.com/BitMEXResearch/status/1762389668186710091?s=20" target="_blank" rel="noopener nofollow">reported</a> by BitMEX Research. 
Bloomberg Senior ETF Analyst Eric Balchunas commented on this historic achievement, emphasizing the growing demand for cryptocurrency investment products. 
<blockquote class="twitter-tweet"> 
 It’s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$IBIT</a> went wild accounting for $1.3b of it, breaking its record by about 30%. <a href="https://t.co/MiCs1rzttM" target="_blank" rel="noopener nofollow">pic.twitter.com/MiCs1rzttM</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762224483559977037?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 26, 2024</a>
</blockquote> 
While also making comments on the factors behind this feat, Balchunas <a href="https://x.com/EricBalchunas/status/1762224901610410153?s=20" target="_blank" rel="noopener nofollow">noted</a>: 
<blockquote>
 Not totally sure reason besides price rally generating interest but it does seem like these things really see heightened action on first day after wknd
</blockquote> 
Meanwhile, as shown in Coinglass’ <a href="https://www.coinglass.com/Grayscale" target="_blank" rel="noopener nofollow">data</a>, the assets managed by Grayscale’s converted GBTC fund have notably decreased, plummeting by more than 28% since January 11. The fund’s holdings, which stood at around 619,000 BTC ($35 billion) then, have dwindled to 444,000 BTC ($25 billion). 
<img loading="lazy" decoding="async" class="wp-image-283966 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?resize=980%2C305" alt="Grayscale Bitcoin Holdings" width="980" height="305" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=2805 2805w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-at-16.23.53.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
<h2 id="bitcoin-etf-surge-sparks-market-impact">Bitcoin ETF Surge Sparks Market Impact</h2> 
It is worth noting that the surge in BTC ETFs has also significantly impacted <a href="https://bitcoinist.com/heres-what-drove-bitcoin-price-to-50000-expert/" target="_blank" rel="noopener ">market inflows</a> and outflows. Total net inflows across all US spots of Bitcoin ETFs exceeded $6 billion yesterday, witnessing nearly $520 million in net inflows — the highest in two weeks. 
<blockquote class="twitter-tweet"> 
 [2/3] Same data in BTC terms… 
 9,510 BTC net inflow on 26th Feb. <a href="https://t.co/UiLK2qrJ7I" target="_blank" rel="noopener nofollow">pic.twitter.com/UiLK2qrJ7I</a> 
 — BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1762389839079477463?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 27, 2024</a>
</blockquote> 
Furthermore, BTC spot ETFs have also played a significant role in last week’s inflow of crypto investment products, as <a href="https://bitcoinist.com/crypto-asset-fund-surge-over-500-million-inflows/" target="_blank" rel="noopener ">revealed by CoinShares data</a>. 
As crypto investment products attracted approximately $598 million in investments over the past week alone, a notable dominance came from<a href="https://bitcoinist.com/spot-etfs-transform-bitcoin-trading-landscape-us/" target="_blank" rel="noopener "> Bitcoin-based funds</a>, particularly spot ETFs, which drew in $570 million of the total investments. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/BTzoOpgu/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
Featured image from Unsplash, Chart from TradingView

These New Spot Bitcoin ETFs Now Hold Nearly 1.5% Of BTC Supply As Holdings Surges Above 300,000

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