Bitcoin ETFs Top 300,000 BTC Holdings in Less Than Two Months

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Dailycoin2024/02/27 23:10

By:Dailycoin

Bitcoin ETF funds have set a new record.
The funds reached a new high in terms of assets under management on Tuesday.
The development follows BTC’s rally to a new yearly high.

Nine of the newly launched spot Bitcoin exchange-traded funds (ETFs), excluding Grayscale’s GBTC fund, now hold nearly 1.5% of BTC’s total supply in assets under management (AUM).

The development follows an impressive performance of the nine funds on Monday, marked by a daily record $2.4 billion trading volume, with BlackRock’s ETF leading with over $1 billion trading volume.

BTC Holdings by Bitcoin ETFs Cross 300,000 Mark

According to data insights shared by a senior analyst at K33 Research in a February 27 X (Twitter) post, the nine Bitcoin ETFs had a total of 303,002 BTC (around $17 billion) held in AUM as of yesterday’s close.

The newborn nine have amassed 300,000 BTC! pic.twitter.com/TfNWGgsSmg
— Vetle Lunde (@VetleLunde) February 27, 2024

With this record, the nine funds now hold over four times Tether’s 66,465 BTC stash and more Bitcoins than all public BTC miners combined. The holdings also exceed MicroStrategy’s Bitcoin balance sheet of 193,000 BTC.

Per BitMEX Research data , BlackRock’s IBIT Bitcoin ETF leads the nine funds with over 128,000 BTC (around $7 billion) in assets under management, while Fidelity’s FBTC ranks second with holdings totaling over 94,000 BTC ($5 billion).

In comparison, Grayscale’s holdings in its converted GBTC fund have dropped 28% from around 619,000 BTC ($35 billion) to 444,000 BTC ($25 billion) since the fund began trading on January 11, CoinGlass data shows.

Meanwhile, Bitcoin’s price surpassed the $57,000 mark on Tuesday for the first time since November 2021. As of press time, the crypto asset was up 11.21% over the last 24 hours, with a trading volume of $54.3 billion during the same period.

Stay updated on how Coinbase played a “key role” in the approval of ETFs:
Coinbase Played a “Key Role” in ETF Approvals, CEO States

Read how Bitcoin ETF talks in South Korea have united the political divide:
Bitcoin ETFs in South Korea Draw Unified Political Support

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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