After less than one month of trading, the nine newborn spot bitcoin exchange-traded funds now hold more than 200,000 BTC -2.51% in assets under management — excluding Grayscale’s converted GBTC fund.

According to K33 Research, the nine new ETFs had amassed 203,811 ($9.5 billion) as of yesterday’s close. Launching on Jan. 11, these ETFs are BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW).

To put that into context, the newborn ETFs now hold nearly 1% of bitcoin’s total supply of 21 million BTC. That’s more than software company MicroStrategy’s 190,000 BTC, over three times stablecoin issuer Tether’s 66,465 BTC and more than all public bitcoin miners combined.

Bitcoin held by new ETFs. Image: K33 Research.

BlackRock’s IBIT spot bitcoin ETF leads with over 80,000 BTC ($3.7 billion) in assets under management, with Fidelity’s FBTC the second-highest among the new funds at more than 68,000 BTC ($3.2 billion), per data from BitMEX Research.

IBIT and FBTC’s holdings also lead the top 25 newborn ETFs overall after one month of trading, according to Bloomberg ETF analyst Eric Balchunas. “Here's a look at the top 25 ETFs by assets after one month on the market (out of 5,535 total launches in 30 years). IBIT and FBTC in league of their own with over $3 billion each and they still have two days to go. ARKB and BITB also made the list,” Balchunas said yesterday.

ETF assets after one month. Image: Bloomberg Intelligence.

In contrast, assets held by Grayscale’s converted GBTC fund have fallen by nearly 25% from around 619,000 BTC ($28.8 billion) to 469,000 BTC ($21.8 billion) since Jan. 11, according to CoinGlass data.

Grayscale bitcoin holdings. Image: CoinGlass.

BlackRock’s IBIT trades more than Grayscale's GBTC amid strong day for inflows

BlackRock’s IBIT surpassed Grayscale’s bitcoin fund in trading volume on Thursday, generating $481.6 million compared to GBTC’s $373.9 million, according to The Block’s data dashboard. Fidelity’s FBTC was in third with $246.6 million in trading volume yesterday.

“Normally, it takes 5-10 years for a newborn to get even close to toppling a category’s liquidity king(s). IBIT did it in under a month — trading more than both GBTC and BITO today," Balchunas said on Thursday.

GBTC’s spot bitcoin ETF market share by trading volume has continued to fall in recent days, more than halving from a peak of 63.9% on Jan. 17 to 29.1% as of yesterday, per The Block’s data dashboard. 

The newborn nine also had a strong day for inflows on Thursday, with IBIT and FBTC adding $204.1 million and $128.3 million, respectively, per BitMEX Research. GBTC registered $101.6 million in outflows, and the remaining spot bitcoin ETFs witnessed less than $100 million of inflows each — leading to net inflows of $405 million for the day. Total net flows now stand at over $2.1 billion.

In terms of all bitcoin investment vehicles globally, Thursday had the strongest daily net inflow since January 2021, according to K33 Research analyst Vetle Lunde. “4.52% of the circulating BTC supply is currently held by investment vehicles,” he said — with 887,443 BTC in assets under management.

Bitcoin investment vehicles globally. Image: K33 Research.

Bitcoin is currently trading at $46,721, according to The Block’s price page. Bitcoin’s price has gained 4.3% over the past 24 hours, 8% over the last week and 10.7% year-to-date.

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