Key Highlights:
- New U.S. spot bitcoin ETFs, excluding GBTC, accumulate 150,000 BTC in just 13 days.
- GBTC’s market share drops to 36%, while BlackRock’s IBIT ETF surpasses Canadian counterparts in AUM.
The Rise of New Spot Bitcoin ETFs
Yello Paradisers! The crypto world is witnessing a dramatic shift in the ETF landscape. The nine fresh-faced U.S. spot bitcoin ETFs have collectively scooped up an impressive 150,000 BTC, valued at around $6.5 billion. This excludes Grayscale’s GBTC, which has seen a significant decrease in its assets under management since the launch of these new ETFs on January 11.
GBTC’s Falling Market Share
Once the undisputed king of the hill, GBTC’s spot bitcoin ETF has seen its market share by trading volume nearly halve, plummeting from a peak of 63.9% to a current 36.4%. This shift indicates a changing tide in investor preferences, with the new ETFs capturing a significant portion of the market.
A Billion-Dollar Comeback
After a brief period of net outflows, the spot bitcoin ETFs have bounced back, registering over $1 billion in net inflows. This resurgence is led by the likes of Fidelity’s FBTC and BlackRock’s IBIT, which have outpaced GBTC’s outflows for the first time since their inception.
BlackRock’s IBIT: A New ETF Titan
In a remarkable feat, BlackRock’s IBIT has outshone all Canadian bitcoin ETFs combined, amassing 56,621 BTC, worth approximately $2.5 billion. This achievement not only highlights IBIT’s rapid growth but also signals a shift in investor confidence towards U.S.-based spot bitcoin ETFs.
Fidelity’s FBTC Close Behind
Hot on the heels of IBIT, Fidelity’s FBTC is also making waves, having accumulated 51,064 BTC. This rapid accumulation suggests that FBTC might soon join IBIT in surpassing the combined AUM of Canadian bitcoin ETFs.
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