Seven Days of Trading Sees Nine Fresh Bitcoin ETFs Eclipse 100K BTC Holdings

The collective assets of nine new Bitcoin ETFs have soared to encompass more than 100,000 bitcoins, aggregating an estimated value of $4 billion, not accounting for the Grayscale Bitcoin Trust (GBTC) post its conversion.

Issuers of these ETFs, including BlackRock, Fidelity, Bitwise, Ark 21Shares, Invesco, VanEck, Valkyrie, Franklin Templeton, and WisdomTree, are custodians for diversified bitcoin quantities. With 40,213 bitcoins, BlackRock’s ETF (IBIT) stands at the forefront, while Fidelity’s FBTC houses 34,152 bitcoins.

Tallying up, as of this Monday, the new ETFs’ cumulative bitcoin possessions sum to 109,221. These figures exclude GBTC, which experienced a reduction of $2.8 billion in assets under management in the same timeframe.

Image Source: K33 Research

Post conversion, Grayscale’s GBTC fund saw its holdings shrink by over 10%, from roughly 619,220 BTC to 552,680 BTC. A decrease of 66,540 BTC, representing close to 60% of the total bitcoins in the possession of the newly introduced spot bitcoin ETFs, as clarified by data from CoinGlass data.

During the inaugural week of the United States Bitcoin ETF, on its seventh trading day, a whopping $2.1 billion in trades was recorded. GBTC alone accounted for half of this amount, specifically $1.1 billion, as reported.

“A grim day for Bitcoin ETFs in the so-called ‘Cointucky Derby.’ GBTC witnessed an exodus of over $640 million today. Withdrawals are not decelerating; they’re accelerating. This marks GBTC’s largest withdrawal to date. Thus far, the total withdrawn sums to $3.45 billion,” Seyffart expounded.

Also Read: Bitcoin Might Face $34K Correction Amid Grayscale Sales