Since the U.S. Securities and Exchange Commission approved nine spot Bitcoin ETFs on January 11, 2024, these funds have rapidly accumulated significant Bitcoin holdings in just three weeks. According to the latest trading data through February 2, 2024, the nine ETFs collectively hold 177,949.11 BTC, valued at approximately $7.62 billion at current exchange rates, representing 0.907% of the total circulating Bitcoin supply of about 19.61 million BTC.
Dominance of Top Players: BlackRock and Fidelity Control Nearly 75%
BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack with 72,466.64 BTC, which accounts for 0.369% of the total supply and is worth roughly $3.12 billion. Fidelity’s Wise Origin Bitcoin ETF (FBTC) follows closely with 60,054.87 BTC (0.306% of supply, valued at $2.58 billion). Together, these two funds hold 132,521.51 BTC, or 74.5% of the nine ETFs' combined holdings, highlighting a strong concentration of assets among first-movers with established brand trust.
The remaining seven ETFs have accumulated the following Bitcoin: Ark 21Shares Bitcoin ETF (ARKB) holds 15,890 BTC; Bitwise Bitcoin ETF (BITB) holds 15,053.66 BTC; Invesco Galaxy Bitcoin ETF (BTCO) holds 7,081 BTC; VanEck Bitcoin Trust (HODL) holds 2,998.48 BTC; Valkyrie Bitcoin Fund (BRRR) holds 2,649.46 BTC; Franklin Templeton’s EZBC holds 1,479 BTC; and WisdomTree Bitcoin Fund (BTCW) holds 276 BTC. These seven funds together account for 45,427.6 BTC, or about 25.5% of the total new ETF holdings.
Market Impact: Net Absorption of ~39,000 BTC
Notably, the Grayscale Bitcoin Trust (GBTC) has experienced significant outflows during the same period. GBTC’s holdings dropped from 617,079.99 BTC on January 12 to 478,337.43 BTC as of February 2, a net outflow of 138,742.56 BTC. Despite this selling pressure, the nine new ETFs have more than absorbed the GBTC outflows, resulting in a net withdrawal of 39,206.55 BTC (worth approximately $1.68 billion) from the overall market. This net positive inflow suggests that new ETF demand has outstripped GBTC divestments, contributing to Bitcoin’s price stability near the $43,000 level in early February.
Comparative Landscape: GBTC Remains Dominant but Gap Narrows
Including GBTC, the aggregate holdings of all ten spot Bitcoin ETFs amount to 656,286.54 BTC, or 3.345% of the total circulating supply. Although GBTC still holds 2.687 times more Bitcoin than the combined nine new ETFs (478,337 BTC vs. 177,949 BTC), the rapid accumulation pace of the latter suggests the gap could shrink in the coming months. Market analysts view the sustained ETF inflows as a sign of growing institutional acceptance, potentially providing a more stable demand base for Bitcoin throughout 2024.