The nine recently launched spot Bitcoin ETFs have collectively amassed over 100,000 BTC (equivalent to approximately $4 billion) in assets under management. These ETFs include offerings from BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW).
According to data from K33 Research, BlackRock’s spot bitcoin ETF (IBIT) holds the highest amount of BTC at 40,213, followed by Fidelity’s FBTC with 34,152 BTC. Overall, the new ETF holdings have reached 109,221 BTC as of the latest data. However, it’s important to note that this figure does not include Grayscale Bitcoin Trust (GBTC), which has seen a significant decrease in its assets under management.
Grayscale’s converted GBTC fund has experienced a decline of over 10% in its BTC holdings, dropping from approximately 619,220 BTC to 552,680 BTC. This is equivalent to around 60% of the total BTC held by the new spot bitcoin ETFs.
In terms of trading volume and net flows, the seventh day of U.S. spot bitcoin ETF trading saw a total trading volume of $2.1 billion, with a majority of the volume attributed to GBTC. The ETFs garnered $564.5 million worth of inflows, with BlackRock’s IBIT leading in inflows. However, Grayscale’s GBTC experienced a significant daily outflow of $640.5 million, resulting in a net outflow of $76 million.
The outflows from GBTC have been accelerating, with a total outflow of $3.45 billion thus far. This has coincided with a drop in the price of Bitcoin below $40,000, marking a challenging period for Bitcoin ETFs in the market.
