This is not yet seen in BTC/USD, but ETFs continue to swallow up huge amounts of bitcoin.
30,000 bitcoins in one week
Trading volumes from the first five days of trading are huge with already more than $10 billion worth of ETF shares traded.
Three bitcoin ETFs are already in the top 10 ETFs attracting the most money. Over a week, the IBIT ETF (BlackRock) and FBTC (Fidelity) are in fourth and fifth place, a hair behind the ETF QQQ which brings together the best stocks on the NASDAQ.
Here are the net inflows into Bitcoin ETFs after 5 days (in millions of dollars)
- Blackrock + $1,231 million
- Fidelity + 1,062 million
- Bitwise +396M
… - GBTC – 2,200 million
Which gives us a total of more than $1.16 billion invested in ETFs.
As we explained in this article, it is the outflows from Grayscale’s GBTC ETF that are preventing bitcoin from appreciating.
This $2,200 million left Grayscale due to its painful management fees. It’s only a matter of time before these millions find their way to ETFs. We will then see bitcoin begin its march forward.
Here is the summary of the net flows into the different ETFs with the net outflows from the GBTC ETF in gray:
BlackRock and Fidelity take the lion’s share with now 25,067 BTC and 20,507 BTC respectively. If we add the 581,274 BTC already invested in the GBTC ETF, we are at more than 650,000 bitcoins under management.
The ETFs have absorbed 68,500 BTC since the ETF’s launch, worth approximately $2.8 billion. This amount is partially offset by the 38,000 BTC that left GBTC
In other words, “institutionals” absorbed 30,000 bitcoins in one week. Knowing that less than 6,300 new bitcoins emerge each week. A figure which, let’s not forget, will decrease by half from the “halving” planned for the end of May!
Bitcoin ETFs already weigh more than those backed by silver in the United States. Bitcoin simply takes second place among commodity ETFs…
Hodl!
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