Hold onto your hats, crypto enthusiasts! The United States is making waves with its spot Bitcoin exchange-traded funds (ETFs) scooping up more than 2.5% of Bitcoin's circulating supply. That's right, these ETFs have been on a growth spree since their debut in January, pulling in a staggering 500,000 BTC!
Veteran crypto researcher Vetle Lunde from K33 recently shared that these ETFs have amassed 500,925 BTC in net inflows, translating to a jaw-dropping $50.5 billion at current prices. Talk about a crypto treasure trove!
BlackRock's iShares Bitcoin Trust (IBIT) has been the shining star in this saga, smashing records to become the quickest ETF ever to soar past $50 billion in assets under management in just 228 days. That's lightning speed compared to the old record of over 1,300 days!
But it wasn't all smooth sailing. The journey to the 500,000 BTC milestone was a bit longer due to Grayscale’s Bitcoin Trust experiencing some hiccups with negative flows. Yet, the overall picture is bright—these U.S. ETFs have gobbled up more than 2.5% of Bitcoin's circulating stash since January.
Bitcoin's circulating supply is cruising at 19.7 million BTC, with a cap of 21 million BTC, so these ETFs are definitely making their mark! Over the past couple of weeks, they've been on a roll, with Wednesday marking the 10th consecutive day of inflows, adding up to a cool $223 million.
Fidelity's FBTC was the star of the show, raking in $121.9 million in fresh investments. Not far behind were GBTC and ARKB with inflows of $52.27 and $20.13 million, respectively. Meanwhile, BlackRock's IBIT decided to keep things steady with neutral flows.
All in all, the 12 U.S. spot BTC ETFs have amassed a total of $34.58 billion in net inflows. Institutional players are clearly getting hooked on Bitcoin, driving these impressive numbers. The latest wave of inflows coincided with Bitcoin's thrilling rally, with the cryptocurrency now trading above the $100k mark, sitting pretty at $100,879. Keep your eyes peeled—who knows what heights Bitcoin might reach next?
