The recently approved spot Bitcoin exchange-traded funds (ETFs) amassed thousands of bitcoins (BTC) in their first six days of trading as volumes increased and their assets under management (AUM) surpassed $3.96 billion.
Data shared by Eric Balchunas, senior ETF analyst at Bloomberg, showed that “the Newborn Nine” has garnered over 95,297 BTC since they started trading on January 11, 2024. Adding the new funds’ assets to that of the Grayscale Bitcoin Trust (GBTC), the ETFs currently hold a total of 647,374 BTC.
New ETFs Hold 95K BTC
According to Balchunas’ tweet, BlackRock’s iShares Bitcoin Trust (IBIT) is topping the Newborn Nine with 33,706 BTC, followed by the Fidelity Wise Original Bitcoin Fund (FBTC), which holds 30,384 BTC.
Fidelity’s ETF is followed by that of Bitwise (BITB), which holds 10,235 BTC, Ark Invest/21 Shares’s ARKB, holding 9,134 BTC, and Invesco’s BTCO with 6,192 BTC. The VanEck Bitcoin Trust (HODL), the Valkyrie Bitcoin Fund (BRRR), and Franklin Templeton’s EZBC have the lowest figures, having amassed 2,566 BTC, 1,726 BTC, and 1,169 BTC, respectively.
On the other hand, the WisdomTree Bitcoin Fund (BTCW) has the least assets, sitting at 182 BTC. GBTC, which has existed since 2013 but was converted into an ETF earlier this month, holds more than 552,077 BTC, emerging as the spot Bitcoin ETF holding the most BTC.
New Nine Overwhelm GBTC
Balchunas explained that despite GBTC recording $590 million in outflows on Friday, BlackRock’s IBIT, Fidelity’s FBTC, BTCO, and HODL overwhelmed the fund with their “best hauls to date.” The total net flows of the Newborn Nine sit at approximately $1.2 billion, with an AUM approaching $4 billion, while GBTC’s hovers at $2.8 billion, upping the AUM share to 14%.
The Bloomberg analyst speculated that only a small minority of the GBTC outflows would go to the new ETFs as most of the fund belonged to the bankrupt crypto exchange FTX and some traders.
“The more we think about it and talk to ppl, prob only a small minority of the GBTC outflows are likely going to the Nine right now as much of it was FTX and traders who arb-ed discount. Also the proportionality of the flows to the size of the firm is almost perfect, indicating flows due to reach/distribution/hustle,” he stated.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
