New Bitcoin ETFs now hold 500,000 BTC and GBTC outflows slow

Cointelegraph Team Cointelegraph

The nine new spot Bitcoin exchange-traded funds have accumulated over 500,000 Bitcoin (BTC $69,978) since launching in January, with their holdings now accounting for 2.54% of the current circulating supply.

The nine ETFs, which launched on Jan. 11, hit the milestone following another day of inflows on Thursday, which saw the nine ETFs scoop up $287.7 million in Bitcoin, according to Farside Investors.

This brings the amount of Bitcoin held by the nine ETFs to a current worth of $35 billion over just 54 trading days.

Source: HODL15Capital

In total, all U.S. spot Bitcoin funds, including Grayscale, hold 835,000 BTC, which is almost 4% of the entire supply, it noted.

This week’s ETF inflows are back in the black this week with $845 million in inflows measured so far this week, reversing a trend of outflows that began on March 18.

On March 28, there was a total inflow of $183 million, with BlackRock leading the pack as its IBIT fund saw $95 million coming in.

Fidelity and Bitwise saw similar inflows of around $67 million each, while Ark 21Shares saw $27.6 million following a huge inflow of $200 million on Wednesday.

Grayscale’s GBTC outflow was $105 million, which is the lowest it has been since March 12.

The crypto asset manager has now shed around 284,846 BTC from its GBTC fund since it converted to a spot ETF in mid-January.

In related news, Bitwise filed an S-1 application with the Securities and Exchange Commission for their spot Ethereum ETF on March 28.

Fellow ETF analyst Eric Balchunas reacted to the news stating that his odds for ETH ETF approval in May remain a pessimistic 25% but he could go lower. There are seven weeks until the deadline and the radio silence from SEC is bleak, he added.