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Bitcoin Spot ETF: New Contenders Rack Up Over 150,000 BTC As GBTC’s Dominance Falters

Press Releases Crypto News Bitcoinist Bitcoin Spot ETF: New Contenders Rack Up Over 150,000 BTC As GBTC’s Dominance Falters

A significant shift has occurred in the US spot Bitcoin exchange-traded funds (ETFs) sector. The latest data from K33 Research has revealed an accumulation of Bitcoin assets by the newly launched spot Bitcoin ETFs, excluding Grayscale’s Bitcoin Trust (GBTC).

Within 13 days of trading, these new spot ETFs have collectively racked up over 150,000 BTC in assets, showcasing their rapid growth and increasing market influence.

Amount of Bitcoin (BTC) held by the 9 new spot ETFs. | Source: K33 Research

The net inflows for these new spot ETFs have been quite substantial, exceeding $1 billion yesterday alone, according to BitMEX Research.

This surge in inflows marks a notable shift in the market dynamics, as GBTC, once a dominant player, sees its market share in trading volume shrink to 36%, according to data from IntoTheBlock. This decline starkly contrasts its previous peak of 63.9% on January 17.

BlackRock’s IBIT Outshines Canadian Bitcoin ETFs

Among the new entrants which include BlackRock (IBIT), Fidelity (FBTC), Ark 21Shares (ARKB), Invesco (BTCO), Bitwise (BITB), Valkyrie (BRRR), Franklin Templeton (EZBC), WisdomTree (BTCW), and VanEck (HODL), BlackRock’s IBIT spot Bitcoin ETF has emerged as a formidable player, surpassing the combined assets under management (AUM) of all Canadian Bitcoin ETFs.

As of the latest data from K33 Research, IBIT holds 56,621 BTC, valued at approximately $2.5 billion, overtaking the AUM of prominent Canadian ETFs like CI Galaxy Bitcoin ETF and Purpose Bitcoin ETF, which sit at 55,016 BTC or $2.4 billion.

BlackRock and Fidelity spot Bitcoin ETF vs All Canadian ETFs. | Source: K33 Research

Fidelity’s US s

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Author: Samuel Edyme

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