US Spot ETFs Now Backed by 4% of Total Bitcoin Supply

250 Bitcoins From 2009 Moved After 12 Years worth $10.8 million at the time of transfer

US Spot ETFs Now Backed by 4% of Total Bitcoin Supply

Bollywoodfever, March 8: The landscape of cryptocurrency investment in the United States has witnessed a significant shift with the introduction of spot bitcoin exchange-traded funds (ETFs), which are now responsible for holding approximately 4% of the total available supply of bitcoin. This development underscores the growing institutional acceptance and investor interest in cryptocurrencies.

Recent data from BitMEX Research highlights that the U.S.-listed spot bitcoin ETFs experienced a substantial influx of $472.6 million in net inflows yesterday alone. Notably, Fidelity’s FBTC spot bitcoin ETF recorded an unprecedented single-day net inflow of $473.4 million. In contrast, Grayscale’s GBTC, a fund with higher fees, saw a net outflow of $374.8 million on the same day.

250 Bitcoins From 2009 Moved After 12 Years worth $10.8 million at the time of transfer

The aggregate net asset value of all spot bitcoin ETFs has now surpassed $54 billion, with total net inflows reaching $9.37 billion. This surge in investment indicates that nearly 4% of all bitcoins are now held by these ETFs, a figure corroborated by Dragonfly’s @hildobby_.

Moreover, the recent entrants to the market, referred to as the “newborn nine” spot bitcoin ETFs, are projected to surpass Grayscale’s GBTC fund in terms of bitcoin holdings by the close of today’s trading session in the U.S. As of yesterday, GBTC’s holdings were documented at 400,186 bitcoins, while the collective holdings of the “newborn nine” were a close 397,847 bitcoins, as reported by Vetle Lunde, a senior analyst at K33 Research.

In a related development, BlackRock, the world’s largest asset manager, has announced its intention to invest in its own spot bitcoin ETFs and other bitcoin ETFs through its Global Allocation Fund, which manages nearly $18 billion in assets. This move further validates the increasing confidence and interest in bitcoin as a legitimate asset class among mainstream financial institutions.

Also Read, Bitcoin Liquidations Spike as BTC Falls Dramatically from Recent Peak

Bookmark and Follow us for More Entertainment News

bollywoodfever

Sachin Chouhan is an avid entertainment enthusiast and dedicated follower of celebrity and entertainment news. He has always had a passion for the latest happenings in the world of entertainment and has made it his mission to stay up-to-date on all the latest trends, news, and gossip. With years of experience following the entertainment industry, Sachin has developed a keen eye for the latest celebrity fashion trends, music releases, movie reviews, and red-carpet events. His in-depth knowledge and expertise have made him a trusted source for entertainment news and celebrity updates. Contact us: admin@bollywoodfever.co.in

Leave a Reply