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How much assets has the U.S. Spot Bitcoin ETF accumulated?
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Author: Shaun Paul Lee, Coingecko; Compiler: Songxue, Golden Finance
How many assets has the US spot Bitcoin ETF accumulated?
As of January 17,U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) held $27 billion in BTC. The majority of assets under management (AUM) is held by the Grayscale Bitcoin Trust (GBTC), valued at $25.3 billion. This represents 93.4% of all BTC held by U.S. spot Bitcoin ETFs. But it’s worth noting that GBTC launched in 2013, 10 years ahead of new ETFs.
No. The second largest spot Bitcoin ETF is BlackRock’s iShares Bitcoin Trust (IBIT), which currently has accumulated $698.1 million in BTC. However, its 2.6% market share still pales in comparison to GBTC.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) is in third place, with $523 million in assets under management and a market share of 1.93%.
Meanwhile, the WisdomTree Bitcoin Trust (BTCW) is currently the smallest spot BTC ETF in the United States, with $3.2 million in AUM.
How many Bitcoins are there in the ETF space?
As of January 17, US spot ETFs held approximately 632,000 BTC. This represents approximately 3.2% of the total BTC in circulation, or around 3.0% of the total BTC supply (21 million).
Grayscale holds the largest number of BTC, about 591,100 BTC, followed by BlackRock (IBIT), which holds 16,300 BTC, and Fidelity (FBTC), which holds 12,200 BTC.
Grayscale has seen $1.3 billion in outflows since converting to ETFs
GBTC recently received approval to convert its trust to an ETF. Previously, as a trust, investors could not redeem their shares for Bitcoin, but could only redeem them in the secondary market at a premium or discount to the net asset value (NAV).
With its conversion to a spot ETF, Grayscale has been experiencing outflows as investors sold its GBTC into other BTC ETFs or took profits after its (net asset value) discount ended. GBTC has seen outflows of more than $1.3 billion since its switch to a spot ETF on January 11. Meanwhile, nine new ETFs have accumulated more than $1.8 billion in assets.
One of the reasons for the massive outflow of GBTC funds is the high management fees. Other ETF providers charge between 0.12% and 0.49%, while GBTC charges 1.5%. With this in mind, GBTC is expected to continue to see outflows over time as investors move their funds to providers with lower fees.
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