Nine out of the 10 new spot Bitcoin exchange-traded funds (ETFs) launched in January have collectively accumulated over 500,000 BTC, now accounting for 2.54% of the current circulating supply. Since their launch on Jan. 11, these ETFs have rapidly amassed Bitcoin holdings, reaching a current value of $35 billion over just 54 trading days.
Inflows into these ETFs have seen a notable increase this week, with $845 million recorded so far, reversing the trend of outflows observed since March 18. Notably, BlackRock’s IBIT fund led the recent inflows with $95 million, followed by Fidelity and Bitwise with similar amounts around $67 million each. Ark 21Shares also saw significant inflows following a substantial $200 million inflow on Wednesday.
Grayscale’s Bitcoin Trust (GBTC) experienced an outflow of $105 million, marking its lowest outflow since March 12. Since its conversion to a spot ETF in mid-January, GBTC has shed approximately 284,846 BTC from its fund.
Bitwise filed an S-1 application with the Securities and Exchange Commission for its spot Ethereum ETF on March 28. While the odds for ETH ETF approval in May remain pessimistic according to ETF analyst Eric Balchunas, there are seven weeks until the deadline, and the lack of communication from the SEC is concerning. Balchunas maintains a cautious outlook, suggesting a potential downward revision of his estimates.
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