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ETFs Now Hold 638,900 Bitcoin Worth $26.8 Billion: Analysts Expect Bullish Breakout

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Newly launched Bitcoin ETFs (exchange-traded funds) in the United States have amassed a significant portion of BTC.

Indeed, the swift accumulation rate underscores the growing influence of these ETFs in the US, providing investors with new avenues for exposure to the world’s flagship cryptocurrency.

Bitcoin ETF Holdings

Data from CryptoQuant shows that the combined holdings of the Bitcoin ETFs in the US now exceed 638,900 BTC, equating to around $26.8 billion.

Grayscale’s Bitcoin Trust, GBTC, is leading the pack, boasting 566,973 BTC valued at over $23 billion. However, since its launch, the financial product has experienced notable outflows, shedding approximately $5.5 billion in assets. Observers attribute these outflows to bankrupt FTX and investors capitalizing on prior arbitrage opportunities.

“The more we think about it and talk to people, prob only a small minority of the GBTC outflows are likely going to the nine right now, as much of it was FTX and traders who earned discounts. Also, the proportionality of the flows to the size of the firm is almost perfect, indicating flows due to reach/distribution/hustle,” senior ETF Analyst at Bloomberg Eric Balchunas said.

Read more: What Is a Bitcoin ETF?

In contrast, the recently introduced ETFs demonstrate an intriguing trend in Bitcoin accumulation. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) have acquired over 20,000 BTC, respectively. This has propelled their assets under management to surpass $1 billion within the first six trading days.

Balchunas also
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Author: Oluwapelumi Adejumo

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