Nine out of the 10 recently launched Bitcoin (BTC) exchange-traded funds (ETFs) have garnered more than 500,000 BTC since their introduction in January, accounting for 2.54% of the current circulating supply. According to Farside Investors, these nine ETFs reached this milestone after attracting $287.7 million worth of Bitcoin on Thursday alone. In just 54 trading days, the combined holdings of these ETFs now amount to a value of $35 billion. Including Grayscale, all US spot Bitcoin funds currently hold 835,000 BTC, which makes up nearly 4% of the total supply. This week, ETF inflows have returned to positive territory with $845 million in total, reversing a trend of outflows that began on March 18. On March 28, there was an inflow of $183 million, with BlackRock leading the way as its IBIT fund attracted $95 million. Other notable inflows came from Fidelity, Bitwise, and Ark 21Shares. Meanwhile, Grayscale’s GBTC fund experienced an outflow of $105 million, the lowest since March 12. Bitwise has also filed an application for a spot Ethereum ETF with the Securities and Exchange Commission, but the chances of its approval remain uncertain according to ETF analyst Eric Balchunas.
Slowing GBTC Outflows Accompany Accumulation of 500,000 BTC in Newly Launched Bitcoin ETFs