Nine New Bitcoin ETFs Hit 300K BTC in Under 2 Months: What’s Next?

In less than two months since their debut on the market, the nine recently introduced spot bitcoin exchange-traded funds have swiftly amassed a significant holding, now exceeding 300,000 BTC in assets under management, a notable milestone excluding Grayscale’s converted GBTC fund.

Recent data from K33 Research reveals that these nine ETFs have collectively accumulated 303,002 BTC, valued at approximately $17 billion based on yesterday’s closing figures. Launched on January 11, this cohort of ETFs includes renowned entities such as BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark Invest 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW), representing a diverse array of players entering the bitcoin investment arena.

To contextualize this achievement, these newborn ETFs now command nearly 1.5% of the total supply of bitcoin, which stands at 21 million BTC. This surpasses the holdings of notable players in the cryptocurrency space, including MicroStrategy's 193,000 BTC, Tether's 66,465 BTC, and even the combined holdings of all public Bitcoin miners.

Among the various ETFs, BlackRock’s IBIT spot bitcoin ETF emerges as the leader in terms of assets under management, boasting over 128,000 BTC valued at $7 billion. Following closely behind is Fidelity’s FBTC, with assets surpassing 94,000 BTC, equivalent to $5 billion, according to insights from BitMEX Research.

In contrast, assets held by Grayscale’s converted GBTC fund have experienced a significant decline, plummeting by over 28% from approximately 619,000 BTC ($35 billion) to 444,000 BTC ($25 billion) since January 11, as reported by CoinGlass data.

Total net inflows across all U.S. spot bitcoin ETFs have surpassed $6 billion, with a substantial influx of nearly $520 million registered just yesterday, marking the highest influx in two weeks, per BitMEX Research. Fidelity’s FBTC led the charge in Monday’s inflows, attracting $243.3 million, followed by Ark Invest 21 Shares’ ARKB, which generated $130.6 million worth of inflows. Despite slipping to third place in terms of Monday’s inflows, BlackRock’s usually dominant IBIT ETF still maintained a formidable position, registering $111.8 million.

In contrast, Grayscale’s higher-fee converted GBTC product witnessed its lowest outflows since launch day, with just $22.4 million exiting the fund, marking a notable decrease compared to previous trading days and a fraction of the total $7.5 billion in outflows it has seen so far.

Additionally, the newborn nine ETFs set a new daily volume record yesterday, with trading volume reaching $2.4 billion, spearheaded by BlackRock’s ETF surpassing the $1 billion mark, surpassing the previous daily record set on the first day the instruments traded.

“It's official… The new nine bitcoin ETFs have broken an all-time volume record today with $2.4 billion, just barely surpassing day one, but about double their recent daily average,” noted Bloomberg Senior ETF Analyst Eric Balchunas on X.

Bitcoin is currently trading at $56,850. Over the past 24 hours, Bitcoin's price has surged by more than 10%, bringing its year-to-date gains to around 34%.