Topic: [2024-03-08] New Bitcoin ETFs and Grayscale Control a Combined 4% of BTC Supply (Read 2 times)

New Bitcoin ETFs and Grayscale Control a Combined 4% of BTC Supply, Valued at $53 Billion

The latest figures reveal that the nine new spot bitcoin exchange-traded funds (ETFs) now control 390,525.3 bitcoins, valued at just over $26 billion at current market rates. These nine ETFs are rapidly approaching the holdings of Grayscale’s Bitcoin Trust (GBTC), which presently has 405,713.31 bitcoins in its possession.

Emerging Bitcoin ETFs Challenge Grayscale’s Reign

Collectively, the nine spot bitcoin ETFs, along with GBTC which has recently been converted into an ETF, amassed an impressive total of 796,238.61 BTC, equivalent to more than $53 billion based on today’s exchange rates. Since their inception on Jan. 11, 2024, the holdings of the nine spot bitcoin ETFs have reached 390,525.3 BTC. Meanwhile, GBTC’s holdings have decreased to 405,713.31, following a sell-off of about 211,366.68 BTC since Jan. 12, 2024.

As of March 7, 2024, Blackrock‘s IBIT fund is the top holder among the ETFs, with 191,132.03 BTC, followed by Fidelity’s FBTC with 115,977.84 BTC. Ark Invest’s ARKB fund is in third place, securing 37,624 BTC. Bitwise’s BITB is next, with a holding of 27,751.58 BTC, and Invesco’s BTCO possesses 5,620 BTC. Valkyrie’s BRRR, Vaneck’s HODL fund, Franklin Templeton’s EZBC, and Wisdomtree’s BTCW follow in the ranking, with stashes of 4,383.17 BTC, 4,270.68 BTC, 2,842 BTC, and 924 BTC, respectively.

Currently, given that the total money supply of BTC stands at roughly 19,648,067.99 (at block height 833,725), the nine new ETFs account for over 1.9% of the entire circulating supply. When combining GBTC’s holdings with those of the nine, their collective total of 796,238.61 BTC represents more than 4% of the available BTC money supply.

Source: https://news.bitcoin.com/new-bitcoin-etfs-and-grayscale-control-a-combined-4-of-btc-supply-valued-at-53-billion/