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In an intriguing display of investor interest and market demand, the recently launched spot Bitcoin Exchange-Traded Funds (ETFs) have collectively accumulated over 303,000 BTC in assets under management (AUM) less than eight weeks after their inception, per available data from senior analyst at K33 Research Vetle Lunde.
Spot Bitcoin ETF performance
The data shows that as of the close of trading on Feb. 26, the nine major ETFs, introduced on Jan. 11, now hold a staggering 303,002 BTC, equivalent to approximately $17 billion.
Yuri MolchanHowever, this excludes the assets held by Grayscale's converted GBTC fund, which has witnessed a decline in holdings since the ETFs' launch.
The nine ETFs consist of BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark Invest 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW).
The near straight line growth by the nine only witnessed a short interlude of flats but no decline within the first few days of trading.
The significance of this is that these ETFs now command nearly 1.5% of Bitcoin's total supply of 21 million BTC. This surpasses the holdings of prominent entities in the Bitcoin space, such as MicroStrategy and Tether. In a record experience, a staggering inflow of $631 million was witnessed within a single day from Bitcoin investors.
Among the nine ETFs, BlackRock's IBIT leads the pack with over 128,000 BTC in AUM. This is closely followed by Fidelity's FBTC, which boasts more than 94,000 BTC.
The robust performance of these U.S. spot Bitcoin ETFs is reflected in the significant net inflows they have attracted, surpassing $6 billion in total. Notably, Monday saw a surge in net inflows, with Fidelity's FBTC leading the way by adding $243.3 million, followed by Ark Invest 21 Shares' ARKB with $130.6 million.
Godfrey BenjaminGrayscale's assets crashing
In contrast, Grayscale's converted GBTC fund has experienced a decline in assets, with holdings falling by over 28% since Jan. 11. The decline saw it crashing from almost 620,000 BTC to 440,000 BTC since the launch in January.
At the moment, Grayscale's GBTC product with higher fees experienced its lowest outflows since its inception, with only $22.4 million leaving the fund. This amount is approximately half of the outflows from the previous trading day and only a small portion of the total $7.5 billion outflows observed thus far.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya