US Crypto Funds Control Over 900,000 BTC: Statement from the Head of the ETF Store
Date: 2024-07-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
The head of investment firm ETF Store, Nate Geraci, recently announced that US Bitcoin spot crypto funds have accumulated over 900,000 BTC on their balance sheets. According to him, the combined value of these assets is estimated at approximately $60 billion. Geraci noted that these crypto funds control about 4.3% of the total supply of the first cryptocurrency.
Since launching in January 2024, net inflows into spot Bitcoin ETFs from outside the cryptocurrency industry have exceeded $17 billion, indicating significant investor interest in the asset class. Nate Geraci shared a video on social network X (formerly Twitter) showing changes in spot Bitcoin ETFs over the past seven months.
Leadership Competition: BlackRock and Grayscale
One of the key points noted in the video was how a crypto fund from BlackRock under the ticker IBIT outperformed the converted investment product from Grayscale Investments in terms of assets under management (AUM). According to the SoSo Value platform, the gap between the two ETFs continues to widen. As of July 19, 2024, IBIT has $21.97 billion in assets under management, while Grayscale's (GBTC) fund has $18.29 billion in assets under management.
Other Major Players in the Spot Bitcoin ETF Market
The top five largest spot Bitcoin ETFs also include investment products from the following companies:
- Fidelity Investments (FBTC) - $12.14 billion
- Bitwise Asset Management (BITB) - $2.72 billion
- VanEck (HODL) - $779 million
Data on significant capital inflows and growing assets under management indicate a strengthening position of spot Bitcoin ETFs in the market. This may indicate increased confidence in cryptocurrency investments and growing interest from large institutional players.
Let us recall that we previously wrote that the inflow of capital into spot Bitcoin ETFs increased to $383 million, which also confirms the trend of increasing investor interest in this asset class.
