Following Friday’s spot bitcoin exchange-traded fund (ETF) activity, the numbers reveal that the 12 ETFs are on the brink of reaching the impressive milestone of 1 million bitcoins. As of this weekend, the funds are just shy of 42,000
BTC
from hitting that target.
Massive Bitcoin Inflows Drive ETFs Closer to 1 Million Bitcoin Milestone
Nine months ago, the U.S. Securities and Exchange Commission (SEC)
approved
11 spot bitcoin ETFs. With Grayscale’s Bitcoin Mini Trust now in the mix, the count has risen to 12. Before these approvals,
Grayscale’
s flagship Bitcoin Trust, known as GBTC, held around 620,000
BTC
—a stash valued at $42.4 billion at current exchange rates. At the time, GBTC traded over-the-counter (OTC), but with the SEC’s greenlight, it transitioned into a publicly listed fund on the New York Stock Exchange (NYSE).
Grayscale also
rolled out
the Bitcoin Mini Trust (ticker:
BTC
), a new spot bitcoin exchange-traded product (ETP) with a notably lower fee than GBTC. Since its debut, this mini fund has secured its place as the sixth-largest
BTC
holder among the 12. At the forefront is
Blackrock
’s Ishares Bitcoin Trust (IBIT), which, since Jan. 11, 2024, has seen net inflows reaching a total of $22.84 billion. IBIT holds approximately 385,590.90
BTC
, valued at $26.3 billion, based on current rates.
While Grayscale’s GBTC remains the second-largest
BTC
holder in this ETF lineup, it has faced significant outflows since going public. Currently, GBTC’s holdings are lower than that of the publicly traded company
Microstrategy
, which holds 252,220
BTC
. GBTC now secures 220,821.30
BTC
and has divested around $20.10 billion since its NYSE debut. Next in line is
Fidelity
’s FBTC, which has amassed 184,612.53
BTC
, worth roughly $12.6 billion.
These three ETFs are the only ones with
BTC
holdings exceeding 100,000. Further down,
Ark Invest
and 21shares’ ARKB fund holds 50,749
BTC
, valued at $3.4 billion, while
Bitwise
’s BITB fund commands a stash of 41,799.16
BTC
, worth about $2.8 billion.
Following them is Grayscale’s mini fund, with 33,665.64
BTC
, valued at $2.3 billion. The remaining funds hold under 15,000
BTC
each.
Vaneck
’s HODL fund comes next, holding 12,500.69
BTC
valued at $855.2 million. After that, there’s the
Coinshares
‘ Valkyrie BRRR fund, which holds 9,081.95
BTC
worth $621 million.
Invesco’s BTCO holds 7,941
BTC
, valued at $543 million, while Franklin Templeton’s EZBC has collected 7,421.64
BTC
, valued at $507 million. Wisdomtree’s BTCW owns 3,747.21
BTC
, valued at $256 million, and
Hashdex
’s DEFI fund secures 148
BTC
, worth $10 million.
Altogether, these 12 funds collectively hold 958,079.02
BTC
—just 41,920.974
BTC
shy of reaching the coveted 1 million
BTC
mark. While that might not seem like a massive gap, at current exchange rates, it represents around $2.9 billion in inflows. Over the last six days, these funds have gained approximately
$2.39 billion
, suggesting that, if this pace keeps up, they could surpass the 1 million
BTC
mark in just over a week of open trading days.
What are your thoughts on this subject? Let us know what you think in the comments section below.
