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

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• March 8, 2024, 6:24AM EST

Published 1 minute earlier on


UPDATED: March 8, 2024, 7:04AM EST

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
+1.21%
 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 just over 4% of the entire supply of the foremost cryptocurrency — data highlighted by Dragonfly data anlyst known as hildobby.

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.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX’s former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].



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