The Spot Bitcoin ETFs have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin BlackRock and other issuers amassed in this week alone.
Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week
Interestingly, Bitcoin ETFs were recently reported to hold 3.3% of Bitcoin’s circulating supply, underscoring their success since launching. Data from Lookonchain shows that these ETFs currently hold over 657,000 BTC (excluding WisdomTree).
Matt Hougan, Bitwise’s Chief Investment Officer (CIO), also revealed how these funds have seen flows of $1.7 billion after their first 14 trading days. This is more impressive as he made a comparison to Gold ETFs, which saw $1.3 billion in a similar time frame. In another X post, he mentioned how these Spot Bitcoin ETFs have taken $700 million in net inflows this week alone.
BlackRock Finally Trumps Grayscale
From the data that Seyffart shared, IBIT looks to have recorded $301 million in trading volume on February 1, while GBTC saw $290 in trading volume. However, he further stated that the total trading on the day “was kind of a dud,” with all Spot Bitcoin ETFs combined recording $924 million in trading volume.
Interestingly, that happened to be the first day that the daily volume for Spot Bitcoin ETFs was under $1 billion. The Bloomberg analyst didn’t, however, give any opinion as to what could have caused this relatively sub-par performance.
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