Current State of the Spot Bitcoin ETF Market: BTC Purchases Exceed $13 Billion!

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• Eight out of ten issuers approved by the United States Securities and Exchange Commission (SEC) have collectively accumulated 268,149 BTC.
• The estimated value of the Bitcoin accumulated by ETFs stands at $13.9 billion for all ETFs, with BlackRock leading this group.
• As of January 10, BlackRock’s IBIT fund held 228 BTC, FBTC had 440 BTC, Bitwise Bitcoin ETF held 57 BTC, and ARK 21Shares fund had 210 BTC.

The latest updates in the Spot Bitcoin ETF market indicate a rapid continuation of BTC purchases: How much each issuer has accumulated?

Spot Bitcoin ETFs Continue to Accumulate BTC

In the past few weeks since the launch of Spot Bitcoin ETFs, eight out of ten issuers approved by the United States Securities and Exchange Commission (SEC) have collectively accumulated 268,149 BTC.

The estimated value of the Bitcoin accumulated by ETFs stands at $13.9 billion for all ETFs, with BlackRock leading this group. According to crypto analytics firm Lookonchain, the popular asset management company has accumulated 119,681 BTC, equivalent to approximately $6.23 billion. The growth of BlackRock’s Bitcoin portfolio has been notably progressive.

As of January 10, BlackRock’s IBIT fund held 228 Bitcoin, FBTC had 440 BTC, Bitwise Bitcoin ETF held 57 BTC, and ARK 21Shares fund had 210 BTC. Among the ETF applicants at that time, Grayscale GBTC held the highest Bitcoin ownership (619,162 Bitcoin), while Invesco Galaxy had no Bitcoin.

A month later, each of them experienced significant growth and successfully expanded their BTC portfolios. IBIT’s assets rose to 87,780 BTC, FBTC’s assets increased to 69,434 BTC, and even Invesco has accumulated 7,568 BTC so far. Not all applicants experienced growth at the same rate, and unlike other Spot Bitcoin ETF players, Grayscale’s portfolio decreased to 466,535 BTC.

Grayscale’s Significant Outflows

The decrease in Grayscale’s Bitcoin ownership is a result of the significant outflows the platform has experienced in recent weeks. These outflows have been continuous, indicating the need for more interest from holders. However, despite this negative situation, Grayscale’s recent outflows have fallen to a lower level than the level seen when ETFs received initial approval.

Looking at the current Bitcoin ownership of Spot Bitcoin ETF applicants, it is evident that Grayscale’s portfolio decreased by only 2,555 Bitcoin between February 15 and February 16. Currently, Grayscale holds 459,428 BTC, BlackRock holds 115,990 BTC, and Franklin Templeton has the lowest Bitcoin ownership (1,856 BTC).

Many experts and market observers believe that the outlook of the Bitcoin ETF market has significantly contributed to the price of Bitcoin. Since the Spot Bitcoin ETF market began recording significant inflows, the price of Bitcoin has similarly experienced an increase. Currently, the cryptocurrency has a market value above $52,000 and appears poised for further gains ahead of the upcoming halving event.