Rise of New Bitcoin ETFs: $7.6 Billion in Combined Holdings

In the latest developments, several of the nine recently introduced spot bitcoin exchange-traded funds (ETFs) have actively increased their bitcoin holdings since the last recorded day of trading on Feb. 2, 2024.

Blackrock’s IBIT leads the pack with an impressive 72,466.64 bitcoin, valued at $3.12 billion, making it the primary holder among U.S. spot bitcoin ETFs. Following closely is Fidelity’s Wise Origin ETF, FBTC, which now commands 60,054.87 BTC, equivalent to an estimated $2.58 billion. These two ETFs alone boast a significant accumulation, showcasing the increasing market interest in bitcoin-backed funds.

Together, the nine ETFs, encompassing ARKB, BITB, BTCO, HODL, BRRR, EZBC, and BTCW, manage a substantial cache of 177,949.11 BTC, valued at $7.62 billion according to the latest BTC exchange rates. This collective holding represents 0.907% of the total BTC supply, highlighting the growing influence of these new entrants in the crypto market. While the emergence of these ETFs signifies a noteworthy shift in the market dynamics, Grayscale’s Bitcoin Trust (GBTC) remains a dominant force, maintaining a significantly larger position with 2.687 times more BTC reserves than the combined holdings of all nine funds.

Clever Robot News Desk 5^th February 2024