- Cryptocurrency ETFs in the United States have more than 300,000 BTC under management.
- The funds have accumulated these assets in less than two months.
- They own almost 1.5% of the total amount of bitcoins in the world.
Spot bitcoin ETFs that started operating in the US in January 2024 have accumulated more than 300,000 BTC. This is the conclusion reached by analysts at K33 Research.
The newborn nine have amassed 300,000 BTC! pic.twitter.com/TfNWGgsSmg
- Vetle Lunde (@VetleLunde) February 27, 2024
Experts have calculated that cryptocurrency ETFs, including BlackRock’s IBIT, Fidelity’s FBTC and Bitwise’s BITB, hold 303,002 BTC. At current exchange rates, that’s roughly $17.1 billion.
The funds reportedly hold nearly 1.5% of the total supply of 21 million BTC. In comparison, Tether – the issuer of the USDT stablecoin – holds more than 66,000 BTC. It acquired another 8,8888 BTC in January. Tether previously said it will regularly invest up to 15% of its net realized gains in bitcoin.
By comparison, the MicroStrategy firm has 193,000 BTC in its portfolio. After the bitcoin rate jumped to $57,000, the company’s unrealized profit amounted to $4.8 billion. At the same time, its founder Michael Saylor is not interested in selling bitcoin in the short term.
Note that it took MicroStrategy several years to accumulate 193,000 BTC. Cryptocurrency ETFs were able to do it in less than two months.
According to BitMEX Research, the spot bitcoin ETF from BlackRock leads the way with a position of 128,615 BTC. FBTC from Fidelity holds 94,455 BTC, while ARKB from Ark Invest holds 32,351 BTC.
[2/3] Same data in BTC terms…
9,510 BTC net inflow on Feb 26th. pic.twitter.com/UiLK2qrJ7I
- BitMEX Research (@BitMEXResearch) February 27, 2024
Assets under management in Grayscale’s GBTC fund have fallen more than 28% since Jan. 11, according to CoinGlass. Total net inflows for spot bitcoin ETFs in the U.S. exceeded $6 billion and reached $520 million on February 26, 2024, the highest in two weeks.
We also reported that on that day the total trading volume on spot bitcoin-ETFs amounted to $2.4 billion. According to analyst Eric Balchunas, this is a new all-time high.
