Hold on to your hats, folks! Spot Bitcoin ETFs are making waves, now clutching over 4.5% of all the Bitcoin out there. That's right, in less than a year, these bad boys have skyrocketed, catching the eye of eager investors and ramping up the demand for Bitcoin like never before.
According to the latest scoop from Binance Research, these Bitcoin ETFs have hoarded an impressive 938,000 BTC, worth a mind-boggling $63.3 billion. That’s a hefty 4.5% slice of Bitcoin's pie. Toss in some more from similar funds, and we're looking at a jaw-dropping 1.1 million BTC, or 5.2% of the circulating stash.
The real kicker? Most of these treasures were gathered just a few months into their debut, but the curiosity hasn't fizzled out. Nope! The funds have been steadily soaking up Bitcoin, averaging a whopping 1,100 BTC each day. Talk about making waves!
And wait for it… Bitcoin ETFs have seen positive cash flow in 24 out of 40 weeks, with inflows far outpacing outflows. In just 10 months, these exciting vehicles have raked in over $21 billion. That's more than the early days of the first Gold ETF, which was considered a golden success with $1.5 billion in its first year back in 2005. Talk about Bitcoin flexing its muscles!
The big guns behind this surge? BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC, making up a whopping 84% of the ETF scene. BlackRock’s IBIT is leading the charge with the lion's share of inflows.
Interestingly, it’s the everyday investor driving this Bitcoin ETF frenzy, making up 80% of the demand. But don't count out the big players just yet. Institutional interest is on the rise, up 7.9% since Q1, with over 1,200 institutional investors jumping on board. We're talking major league players like Goldman Sachs, Morgan Stanley, and even the State of Wisconsin Investment Board.
Looking ahead, institutional interest is expected to shoot for the stars as more investors warm up to digital assets. With Bitcoin’s ties to the S&P 500 getting cozier, investors are starting to see BTC as a safe-haven asset.
But not all that glitters is gold—or in this case, Ethereum. While Bitcoin ETFs are basking in the limelight, Ethereum ETFs seem to be stuck in the shadows, with outflows of over $103.1 million and more downs than ups in recent weeks. But hey, it's still early days!
