Since their launch in January, the nine new spot Bitcoin exchange-traded funds (ETFs) have amassed over 500,000 Bitcoin (BTC), which now represents 2.54% of the total circulating supply. These ETFs reached this milestone on Thursday after experiencing another day of inflows, with a total of $287.7 million worth of Bitcoin being acquired, according to Farside Investors. As a result, the combined holdings of these nine ETFs now amount to a staggering $35 billion in just 54 trading days.
It is worth noting that all U.S. spot Bitcoin funds, including Grayscale, currently hold a total of 835,000 BTC, which accounts for nearly 4% of the entire supply.
In terms of this week’s ETF inflows, there has been a reversal of the recent trend of outflows that began on March 18. As of now, there have been $845 million in inflows throughout the week, marking a positive turn. On March 28 alone, there was a total inflow of $183 million, with BlackRock leading the way as their IBIT fund received $95 million. Fidelity and Bitwise also experienced similar inflows of around $67 million each, while Ark 21Shares saw $27.6 million following a significant inflow of $200 million on Wednesday. In contrast, Grayscale’s GBTC outflow was $105 million, the lowest it has been since March 12. Since converting to a spot ETF in mid-January, Grayscale has now shed approximately 284,846 BTC from its GBTC fund.
In related news, Bitwise has filed an S-1 application with the Securities and Exchange Commission for their spot Ethereum ETF on March 28. However, ETF analyst Eric Balchunas remains pessimistic about the approval of an ETH ETF in May, giving it odds of only 25% or possibly even lower. With seven weeks remaining until the deadline and the lack of communication from the SEC, the outlook seems bleak according to Balchunas.
Overall, the success of these Bitcoin ETFs has made Coinbase a prime target for hackers and governments, as highlighted by the CEO of Trezor.