Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

4% of the entire bitcoin supply is now backing US spot ETFs

The BlockThe Block2024/03/08 11:31
By:Adam James

U.S. spot bitcoin ETFs now hold roughly 4% of the entire 21 million BTC supply combined.The nine newborn ETFs are on pace to hold more bitcoins than Grayscale’s converted GBTC fund by the end of today.

The recently listed spot bitcoin exchange-traded funds in the United States continue to vacuum up bitcoins — now holding roughly 4% of the entire 21 million BTC +1.00% supply.

Yesterday, total net inflows into U.S.-listed spot bitcoin ETFs were $472.6 million, according to data from BitMEX Research. At the same time, Fidelity's FBTC spot bitcoin ETF saw a record single-day net inflow of $473.4 million. Conversely, Grayscale's GBTC higher fee fund saw a single-day net outflow of $374.8 million.

Furthermore, the total net asset value of all spot bitcoin ETFs reached more than $54 billion, with cumulative net inflows hitting $9.37 billion.

This latest data means that spot bitcoin ETFs now hold nearly 4% of the entire supply of the foremost cryptocurrency — data backed up by Dragonfly's @hildobby_.

RELATED INDICES

See crypto indices

Additionally, the nine new spot bitcoin ETFs, dubbed the "newborn nine," are on pace to hold more bitcoins than Grayscale's converted GBTC fund by the end of today's U.S. market session.

GBTC held 400,186 bitcoins as of yesterday, while the "newborn nine" U.S. spot bitcoin ETFs held 397,847 coins, according to K33 Research senior analyst Vetle Lunde.

In related news, BlackRock plans to buy its own spot bitcoin ETFs — as well as other bitcoin ETFs — with its Global Allocation Fund, which holds assets close to $18 billion.


0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

SEC Slapped with $1.8M Legal Fees for Debt Box Misconduct

DailyCoin2024/05/30 02:28

Farcaster agreement revenue exceeds $1.54 million, total number of users exceeds 420,000

Cointime2024/05/30 02:26

Chairman of Yangmingshan Future Society: Taiwan is lagging behind in regulating virtual currencies

Cointime2024/05/30 02:26

TAP Protocol has launched a token public offering on the CoinList platform, which will last until the early hours of June 6

Cointime2024/05/30 02:26

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9186.44%
ROI
Total profit $46850.85
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1264.2%
ROI
Total profit $3670.78

Bot copy trading

More
GoldenEgg
GoldenEgg
insight99/150
$20910.99
Total profit
Total subscriber profits $-280.44
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight7/150
$7478.77
Total profit
Total subscriber profits $-22.88