Nine new spot bitcoin ETFs amass over 100,000 BTC in seven days of trading

Quick Take

  • Nine new U.S. spot bitcoin ETFs, excluding Grayscale’s converted fund, now hold over 100,000 BTC in assets under management.
  • BlackRock’s spot bitcoin ETF (IBIT) leads with 40,213 BTC in holdings, followed by Fidelity’s FBTC with 34,152 BTC.

The nine new spot Bitcoin ETFs now hold more than 100,000 BTC +1.00% ($4 billion) in assets under management, excluding Grayscale’s converted GBTC fund.

These ETFs are BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW).

BlackRock’s spot bitcoin ETF (IBIT) leads with 40,213 in holdings, according to data from K33 Research. Fidelity’s FBTC spot bitcoin ETF has the second-highest bitcoin under management among the new funds at 34,152 BTC.

In total, the new ETF holdings reached 109,221 BTC as of Monday. This excludes Grayscale Bitcoin Trust (GBTC), which has seen the value of its assets under management fall by $2.8 billion over the period.

Bitcoin held by new ETFs. Image: K33 Research.

Assets held by Grayscale’s converted GBTC fund have fallen by over 10% from around 619,220 BTC to 552,680 BTC in the same period, according to CoinGlass data. The 66,540 BTC drop is equivalent to about 60% of the bitcoin now held by the new spot bitcoin ETFs.

Grayscale bitcoin holdings. Image: CoinGlass.

Day seven sees $2.1 billion in trading volume and $76 million in net outflows

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Jan. 22, the seventh day of U.S. spot bitcoin ETF trading witnessed a total trading volume of $2.1 billion — dominated by $1.1 billion in volume for GBTC, according to The Block’s data dashboard.

The new spot bitcoin ETF products registered $564.5 million worth of inflows on Monday, according to Bloomberg ETF analyst James Seyffart. BlackRock’s IBIT led with its third-largest inflow day, bringing in $272 million. Fidelity’s FBTC was again in second with $159 million, and the rest of the ETFs with inflows came in under $100 million.

However, this wasn’t enough to overcome the largest daily outflow for Grayscle’s converted GBTC fund so far — some $640.5 million — causing a net outflow of $76 million yesterday as bitcoin’s price fell below $40,000 for the first time in seven weeks. Bitcoin is currently trading at $39,227, according to The Block’s price page.

BTC/USD price chart. Image: The Block/TradingView.

“Woof. BAD day for Bitcoin ETFs overall in the Cointucky Derby. GBTC saw over $640 million flow out today. Outflows aren't slowing — they're picking up. This is the largest outflow yet for GBTC. Total out so far is $3.45 billion,” Seyffart said.


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About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].

Editor

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