Bitcoin ETFs Amass Over 500k BTC Since January; Bitwise Files for Ethereum ETF
Summary:
Since their inception in January, nine new Bitcoin ETFs have amassed over 500,000 BTC, accounting for 2.54% of the circulating supply. US spot Bitcoin funds, including Grayscale, now hold nearly 4% of the total BTC supply. There has been a reversal in the withdrawal trend observed since March 18, with this week's ETF inflows nearing $845 million. Meanwhile, Bitwise has filed an application for a spot Ethereum ETF, and despite the dwindling communication from SEC, Eric Balchunas, an ETF analyst, predicts it could be approved by May.
Since their commencement in January, the nine newly sprung Bitcoin exchange-traded funds (ETFs) have successfully amassed over 500,000 Bitcoin (BTC). This constitutes around 2.54% of the presently in circulation Bitcoin supply. After trading since January 11, the nine ETFs reached a significant point due to subsequent day deposits Thursday, amassing $287.7 million in Bitcoin, as per data from Farside Investors. Consequently, the net worth of Bitcoin held by the nine ETFs is approximately $35 billion over a brief span of 54 trade days. As stated by HODL15Capital.
The entirety of the U.S. spot Bitcoin funds, inclusive of notable fund Grayscale, possesses 835,000 BTC. This is equivalent to nearly 4% of the total BTC supply, it made note of. The ETF deposits this week are on the rise again, with a weekly influx of about $845 million, thus opposing a trend of outflows that initially occurred around March 18.
March 28 marked a significant total deposit of $183 million, BlackRock being at the forefront with its IBIT fund witnessing an inflow of $95 million. Fidelity and Bitwise experienced comparable inflows of approximately $67 million each while Ark 21Shares had $27.6 million, subsequent to a sizeable inflow of $200 million on the preceding Wednesday. Grayscale’s GBTC fund experienced a withdrawal of $105 million, the lowest it’s been since March 12. Since Grayscale's modification to a spot ETF in mid-January, the crypto asset manager has seen a decrease of approximately 284,846 BTC from its GBTC fund. In related information, Bitwise filed its S-1 application for its spot Ethereum ETF with the Securities and Exchange Commission on March 28. Fellow ETF analyst Eric Balchunas responded to the news, stating that his projected chance for approval of the ETH ETF in May remains low at 25%, but could get still lower. With a deadline of seven weeks and no communication from SEC, the situation appears grim.
Published At
3/29/2024 9:00:14 AM
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