[BlackRock and Grayscale ETFs hold nearly 3% of all Bitcoin in circulation]
Asset managers BlackRock and Grayscale’s U.S. Spot Bitcoin ETF now holds close to 3% of Bitcoin’s circulating supply, largely due to increased inflows over the past week.
BlackRock’s iShares Bitcoin Trust (IBIT) holds 357,736.76150 BTC and Grayscale’s GBTC holds 227,712.3295 BTC. Together, the two ETFs hold 2.97% of Bitcoin’s circulating supply, according to Glassnode. Additionally, Grayscale holds additional BTC in other funds.
The U.S. Spot Bitcoin ETF attracted $202.6 million in net inflows yesterday, extending an eight-day streak of inflows. Total inflows last week reached $543 million, with most of the funds coming in on Friday, with inflows hitting $252 million that day, the highest single-day inflows since July.
According to data from CoinShares, inflows into digital asset investment products reached a five-week high last week, mainly affected by Federal Reserve Chairman Jerome Powell's hint of interest rate cuts.
CoinShares analyst James Butterfill said most of the inflows occurred after Powell's dovish comments, showing Bitcoin's sensitivity to interest rate changes.
Speaking at the Jackson Hole Economic Policy Symposium in Wyoming, Powell said "the time for policy adjustment has arrived" but stressed that the timing and pace of rate cuts will depend on future data and economic conditions.
Affected by this, Bitcoin prices soared to more than $64,000 on Friday before falling back to about $62,300. It fell 2.6% in the past 24 hours but is still up 2.9% for the week.
