Author: Ben Strack, Blockworks; Compilation: Wu Zhu, Golden Finance
It has been 11 months since the launch of the U.S. spot Bitcoin ETF on January 11.
Here are 11 facts about these financial products:
According to data from Farside Investors, the total net inflow currently stands at $34.3 billion. BlackRock's iShares Bitcoin Trust (IBIT) alone attracted $35 billion, while Fidelity's products rank second with $12.1 billion in inflows.
Since November 6 (when Donald Trump was nominated as the election winner, eliminating the reputation risk of cryptocurrencies for many), the Bitcoin ETF category has attracted $10.8 billion in new capital.
This sector has seen net inflows on 158 out of 231 trading days (68% of the time). The best day (nearly $1.4 billion) was on November 7. The largest outflow ($564 million on May 1) was partly attributed to profit-taking that triggered a drop in BTC.
As of December 10, BlackRock's IBIT assets totaled $50.8 billion. This is about $17 billion more than the company's gold trust (IAU) launched in 2005; however, it is about $24 billion less than State Street's SPDR Gold Shares (GLD) launched in 2004.
While the average daily inflow for IBIT is $152 million, WisdomTree's Bitcoin Fund (BTCW) has seen less than $1 million in this regard.
In terms of varying success rates, nearly $21 billion has left Grayscale Bitcoin Trust (GBTC) — this result was largely expected. The company's cheaper Bitcoin mini trust (BTC) launched on July 31 has attracted nearly $900 million in new funds.
Regarding trading volume, an average of 44.5 million shares of IBIT are traded daily (worth about $2.6 billion at the current IBIT price). Over the past three months, BlackRock's products ranked eighth among all ETFs (by share count), slightly below the SPDR S&P 500 ETF Trust (SPY).
Since the launch of the spot Ethereum ETF in the U.S. market on July 23, the capital entering BTC products ($16.8 billion) is about nine times the net inflow into ETH comparable products ($1.9 billion). Thus, during this period, the net inflow for ETH ETFs was about 11% of that for Bitcoin ETFs — lower than Bloomberg Intelligence's estimate of 15% to 25%.
Institutional buyers of these ETFs include hedge funds, advisors, and even pension funds. Officials in Jersey City stated that the city's pension fund plans to purchase Bitcoin ETFs this month.
Data shared by Bloomberg Intelligence shows that Bitcoin ETFs now hold more Bitcoin than the estimated 1.1 million BTC attributed to Satoshi Nakamoto. In other words, this accounts for about 5% of the total Bitcoin supply.
Finally, compared to the prices they paid for these tokens, the value of each fund's BTC reserves may not be as high as you might think.
Bitwise executives predicted on Tuesday that Bitcoin ETFs will attract more funds next year than in 2024. Let's see what happens in the coming weeks before continuing to observe the industry's outlook.
