US Bitcoin Spot ETFs Amass Over 300,000 BTC in Two Months
Date: 2024-02-27 Author: Dima Zakharov Categories: BLOCKCHAIN
Spot ETFs' Bitcoin Stash
In a remarkable turn of events, spot Bitcoin ETFs operating in the United States have managed to amass an impressive stash of over 300,000 BTC since their launch in January 2024. This revelation comes from a recent analysis conducted by K33 Research.
ETF Holdings and Market Impact
Leading cryptocurrency ETFs including IBIT by BlackRock, FBTC by Fidelity, and BITB by Bitwise collectively hold 303,002 BTC, valued at approximately $17.1 billion at current market rates. This accounts for nearly 1.5% of the total Bitcoin supply of 21 million.
Comparative Analysis
To put this into perspective, the issuer of the USDT stablecoin, Tether, holds over 66,000 BTC, with recent purchases totaling 8888 BTC. Meanwhile, MicroStrategy, a prominent company in the cryptocurrency space, holds 193,000 BTC in its portfolio.
Unprecedented Growth
The swift accumulation of Bitcoin by these ETFs is particularly striking when compared to the years it took MicroStrategy to accumulate a similar amount. According to BitMEX Research, BlackRock's spot Bitcoin ETF leads the pack with 128,615 BTC, followed by Fidelity's FBTC with 94,455 BTC, and Ark Invest's ARKB with 32,351 BTC.
Market Dynamics and Trading Volume
Recent data from CoinGlass indicates a notable decrease of over 28% in assets under management for Grayscale's GBTC since January 11. However, the net inflow into US Bitcoin spot ETFs has exceeded $6 billion, reaching $520 million on February 26, marking the highest level in the past two weeks.
Historic Milestones
On the same day, trading volume for US Bitcoin spot ETFs hit a record-breaking $2.4 billion, as highlighted by analyst Eric Balchunas, signaling a significant milestone in the ETF market's evolution.
