Blockworks: 11 facts after BTC ETF is listed in the United States

Author: Ben Strack, Blockworks; Compiler: Wuzhu, Golden Finance

It has been 11 months since the US spot Bitcoin ETF was listed on January 11.

Here are 11 facts about these financial products:

1. According to Farside Investors, net inflows now total $34.3 billion. BlackRock's iShares Bitcoin Trust (IBIT) alone has attracted $35 billion in funds, while Fidelity's product ranks second with $12.1 billion in inflows.

2. Since November 6 (Donald Trump was nominated as the winner of the election, eliminating the reputation risk of cryptocurrency for many people), the Bitcoin ETF category has attracted $10.8 billion in new capital.

3. The sector saw net inflows on 158 of 231 trading days (68% of the time). The best day (nearly $1.4 billion) was November 7. The largest outflow ($564 million, May 1) was partly attributed to the profit-taking-induced decline in BTC.

4. As of December 10, BlackRock’s IBIT had $50.8 billion in assets. That’s about $17 billion more than the firm’s Gold Trust (IAU), which launched in 2005; but about $24 billion less than the assets of State Street SPDR Gold Shares (GLD), which went public in 2004.

5. While IBIT averages $152 million in daily inflows, the WisdomTree Bitcoin Fund (BTCW) has less than $1 million.

6. In terms of varying liquidity success, nearly $21 billion has left Grayscale Bitcoin Trust (GBTC) — a largely expected outcome. The company’s cheaper Bitcoin Mini Trust (BTC), launched on July 31, has attracted nearly $900 million in new money.

7. As for volume, an average of 44.5 million IBIT shares (worth about $2.6 billion at IBIT’s current price) are traded daily. Over the past three months, the BlackRock product ranks eighth among all ETFs (by shares), just below the SPDR S&P 500 ETF Trust (SPY).

8. Since the spot Ethereum ETF landed in the U.S. market on July 23, capital entering the BTC product ($16.8 billion) has been roughly nine times the net inflow into its ETH counterpart ($1.9 billion). As a result, ETH ETFs have seen about 11% of the net inflows of Bitcoin ETFs during this period — lower than the 15% to 25% estimated by Bloomberg Intelligence.

9. Institutional buyers of these ETFs include hedge funds, advisors and even pension funds. Jersey City officials said the city’s pension fund plans to buy a Bitcoin ETF this month.

10. Data shared by Bloomberg Intelligence shows that Bitcoin ETFs now hold more Bitcoin than Satoshi Nakamoto’s estimated 1.1 million BTC. In other words, that’s about 5% of Bitcoin’s total supply.

11. Finally, the value of each fund’s BTC reserves may not be as much as you think compared to the price they paid for the tokens.

Bitwise executives predicted on Tuesday that Bitcoin ETFs will attract more money next year than in 2024. Let’s see what happens in the next few weeks before moving on to the industry’s outlook.