Bitcoin ETFs Report $63 Billion In Holdings

Yolowire 28-Oct-2024 11:39 AM

%Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) have now accumulated 938,000 tokens worth $63.3 billion U.S., making them the most successful ETF launch in history.

Less than a year from their launch in January 2024, the group of about a dozen spot ETFs have accumulated nearly 5% of Bitcoin's total circulating supply, with holdings fast approaching the one million mark.

That makes the spot Bitcoin ETFs the most successful exchange-traded funds to launch ever, according to data from Binance Research.

The first Gold ETFs went live in 2005 and accumulated a then-record $1.5 billion U.S. worth of physical bullion in their first year.

Bitcoin ETFs have far surpassed the success of spot gold ETFs in just 10 months of operation as investor appetite for crypto continues to grow.

Among the spot Bitcoin ETFs, three funds have emerged as leaders in the space, BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC.

Together, those three funds control 84% of the spot Bitcoin ETF market, according to Binance Research. BlackRock continues to attract the most new ETF investments.

Retail investors are leading the way with spot Bitcoin ETFs, accounting for 80% of the money put into them so far.

Institutional participation is growing, with more than 1,000 institutional investors now putting money into Bitcoin ETFs, including GoldmanSachs (NYSE:GS) and MorganStanley (NYSE:MS).

On the flipside, spot %Ethereum (CRYPTO: ETH) ETFs have failed to get much attention from investors, with more than $103 million U.S. in outflows since their launch this summer.

The price of Bitcoin, which remains the largest cryptocurrency by market capitalization, is currently at $68,700 U.S., having gained 55% so far this year.