Newly launched U.S. spot bitcoin exchange-traded funds built substantial positions within weeks of their market debut, highlighting strong early demand for regulated bitcoin exposure. Based on the latest figures reported after trading on Feb. 2, 2024, the nine new spot bitcoin ETFs collectively held 177,949.11 BTC, worth about $7.62 billion at prevailing market prices. That amount represented roughly 0.907% of the estimated 19.61 million BTC then in circulation.
BlackRock and Fidelity Lead the Pack
Among the nine new funds launched on Jan. 11, 2024, BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the largest holder. The fund had accumulated 72,466.64 BTC, valued at approximately $3.12 billion, equal to around 0.369% of the global circulating bitcoin supply. Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked second with 60,054.87 BTC, estimated at roughly $2.58 billion, or 0.306% of circulating supply.
Together, IBIT and FBTC controlled 132,521.51 BTC. That means the two largest issuers accounted for nearly 75% of the total bitcoin held by the nine new spot ETF products. Their dominant share underscores how quickly major traditional asset managers captured investor flows in the newly approved U.S. bitcoin ETF market.
Mid-Tier Funds Also Built Meaningful Positions
After BlackRock and Fidelity, the next tier included Ark Invest and 21Shares’ ARKB, which held 15,890 BTC, and Bitwise’s BITB, with 15,053.66 BTC. Combined, those two funds held 30,943.66 BTC, equivalent to about 0.157% of bitcoin’s circulating supply.
Other issuers also added to the aggregate total, though at smaller scale. The Invesco Galaxy ETF held 7,081 BTC, or around 0.036% of supply. VanEck’s HODL ETF held 2,998.48 BTC, while Valkyrie’s BRRR ETF had accumulated 2,649.46 BTC. Franklin Templeton’s EZBC fund reported 1,479 BTC, and WisdomTree’s BTCW held 276 BTC. Together, these four smaller funds accounted for 7,402.94 BTC, or approximately 0.037% of the circulating bitcoin supply.
GBTC Outflows Continue, but New ETF Demand More Than Offset Part of the Selling
The growth of the new spot ETFs happened alongside notable outflows from Grayscale’s GBTC, which converted from a trust structure into an ETF. According to the reported figures, GBTC held 617,079.99 BTC on Jan. 12, 2024. By the latest reporting date, that balance had fallen to 478,337.43 BTC, marking a reduction of 138,742.56 BTC.
Even with those outflows, the accumulation across the nine newly launched products changed the broader market picture. The article’s calculations indicate that after accounting for GBTC’s reduction and the inflows into the new ETFs, a net 39,206.55 BTC—valued at about $1.68 billion—had effectively been absorbed from the market and moved into fund custody. In other words, investor demand for the new ETF structure helped offset a significant portion of the bitcoin leaving GBTC.
Total ETF Holdings Reach More Than 656,000 BTC
When GBTC is included with the nine newer products, the ten U.S. spot bitcoin ETFs together held 656,286.54 BTC. That represented about 3.345% of the 19.61 million BTC then estimated to be in circulation. The figure illustrates the speed with which ETF wrappers became major vehicles for bitcoin ownership in the U.S. market.
Still, despite the rapid rise of the newer entrants, GBTC remained far larger than any single competitor. Its reported holdings were still about 2.687 times greater than the combined bitcoin reserves of the nine newly launched funds. That gap shows how significant Grayscale’s bitcoin position remained, even after weeks of persistent outflows.
Why the Numbers Matter
The data points to an important shift in how institutional and mainstream investors are accessing bitcoin exposure. Rather than buying and storing BTC directly, many market participants appear to be choosing ETF products offered by familiar names such as BlackRock and Fidelity. That trend has implications for market liquidity, custody concentration, and the role of traditional asset managers in the digital asset ecosystem.
At the same time, the contrast between GBTC outflows and inflows into the newer funds suggests that part of the activity may reflect rotation rather than entirely fresh capital. Some investors may have exited GBTC due to structure or fee considerations while reallocating into competing spot ETFs. Even so, the aggregate net absorption figure indicates that demand extended beyond pure switching and resulted in additional bitcoin being taken off the open market.
As of the reporting period, the early weeks of spot bitcoin ETF trading had already produced a meaningful redistribution of bitcoin holdings across major financial products. BlackRock and Fidelity led that charge, but the broader field of issuers also established a measurable presence. With nearly 178,000 BTC accumulated by the nine new ETFs in a matter of weeks, the launch phase provided one of the clearest early signs that U.S. spot bitcoin ETFs were becoming a powerful force in the market.