On Wednesday, U.S. spot bitcoin exchange-traded funds recorded a modest net inflow of $113.5 million amid a trading volume of $2.31 billion, marking another day of positive capital inflows for the newly launched products. The ten spot bitcoin ETFs, excluding Grayscale‘s GBTC, now collectively hold 507,472.89 BTC, equivalent to 2.57% of the total circulating supply of 19.67 million bitcoins — a milestone that underscores the growing institutional adoption of bitcoin via regulated financial instruments.
Inflow Dynamics and Top Performers
Leading the inflow charge on Wednesday was Fidelity’s FBTC, closely followed by BlackRock‘s IBIT. Grayscale’s GBTC, on the other hand, experienced a continued but moderated outflow. According to archived data, GBTC‘s holdings decreased from 333,619.19 BTC on April 2 to 328,012.82 BTC by April 4, reducing its stash by 5,606.37 bitcoins. As of Thursday, GBTC’s remaining holdings are valued at approximately $21.6 billion.
BlackRock‘s IBIT has become the second-largest holder among the 11 ETFs, with 257,319.61 BTC currently worth $16.9 billion. FBTC has accumulated 146,016.20 BTC, valued at $9.72 billion. Together, these three largest ETFs hold over 730,000 BTC, accounting for more than 87% of the total bitcoin held by all 11 spot ETFs.
Detailed Holdings of Each ETF
Beyond the top three, the remaining ETFs have the following bitcoin balances as of April 4: Ark Invest’s ARKB holds 43,338 BTC ($2.88 billion), Bitwise‘s BITB holds 32,105.38 BTC, VanEck’s HODL holds 8,824.02 BTC, Valkyrie‘s BRRR holds 7,731.50 BTC, Invesco Galaxy ETF holds 5,937 BTC, Franklin Templeton’s EZBC holds 4,843 BTC, WisdomTree‘s BTCW holds 1,194.88 BTC, and the newly approved Hashdex spot bitcoin ETF has just begun accumulating with 163.3 BTC.
Market Implications and Outlook
Excluding GBTC, the ten spot bitcoin ETFs now manage 507,472.89 BTC, valued at roughly $33.78 billion. Including GBTC, the combined holdings of all 11 ETFs reach 835,485.71 BTC, representing 4.24% of the total circulating supply. This growing institutional foothold via ETFs could significantly impact bitcoin’s liquidity profile and price stability, while potentially reducing volatility as large holders enter through transparent, regulated channels. Analysts note that the ongoing outflows from GBTC, albeit slowing, remain a factor to watch, as they may exert selling pressure on the market. Overall, the ETF channel is proving to be a powerful conduit for mainstream capital to access bitcoin, further legitimizing the asset class.