- U.S.-based Bitcoin ETFs finished strong on Thursday.
- The funds now hold over $54 billion in total net asset value.
- The figure represents a significant percentage of BTC’s entire supply.
The newly listed spot Bitcoin exchange-traded funds (ETFs) in the U.S. continue to gobble up crypto, with the latest data insights indicating the funds are now backed by 4% of the entire 21 million BTC supply.
Since their launch in January, Bitcoin ETFs have gained popularity, outpacing traditional commodities such as Gold and Silver. The funds have seen an influx of billions of dollars, signaling a pivot in the ongoing mainstream adoption of digital assets.
Bitcoin ETFs Are Now Backed By 4% of BTC’s Supply
According to BitMEX Research data shared on March 8, U.S.-listed spot Bitcoin ETFs witnessed total net inflows of 7,018 BTC (about $472.6 million) on Thursday, bringing the cumulative net inflows of the funds since they began trading to 174881.2 BTC (about $9.3 billion).
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With the performance, the total net asset value for all spot Bitcoin ETFs now stands at over $54 billion, indicating that the funds now hold nearly 4% of the entire supply of the industry’s largest crypto asset by market cap.
While Fidelity’s FBTC spot bitcoin ETF finished strong on Thursday, bagging a record single-day net inflow of $473.4 million, Grayscale’s GBTC higher fee fund continued bleeding, witnessing a single-day net outflow of $374.8 million.
Interestingly, the “newborn nine” Bitcoin ETFs are likely to hold more BTC than Grayscale’s converted GBTC by the end of Friday trading hours in the U.S. Per K33 Research senior analyst Vetle Lunde. The “newborn nine” held 397,847 BTC against Grayscale’s 400,186 as of Thursday.
Read this article to understand how each spot Bitcoin ETF is different:
Here’s How Each Spot Bitcoin ETF Is Different
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