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While it is not certain if the drop in the price of Bitcoin is caused by reduced investors’ appetite for spot ETFs, the decline is substantial as it marks a 6% reduction from its all-time high of its $73,628.
In this article, we will look into the amount of funds currently held in Asset Under Management (AUM) by spot Bitcoin Exchange-Traded Fund (ETF) issuers in the United States.
Current Holdings and Value of US Spot Bitcoin ETFs
According to data from data service provider HODL15Capital, eleven spot Bitcoin ETFs have purchased a total of 838,729 BTC valued at approximately $57.9 billion since their launch in January. Factoring outflows from Grayscale’s GBTC, this figure drops to 522,527 BTC (about $35.9 billion).
Going into details from the provided data, the iShares Bitcoin (IBIT) from BlackRock Inc (NYSE: BLK) led the group with a total of 266,102 BTC valued at approximately $18.3 billion. Fidelity WiseOrigin Bitcon (FBTC) followed with 150,694 BTC worth $10.3 billion and ARK 21Shares Bitcoin came third with 43,643 BTC valued at about $3 billion.
Also, WisdomTree Bitcoin (BTCW) and Hashdex Bitcoin ETF (DEFI) were the last, with 1,227 BTC and 178 BTC respectively. Hashdex’s low Bitcoin inflows could be attributed to its high trading fee of 0.9%, as opposed to others, such as VanEck, which charges 0.20%.
✅ 4/9 Bitcoin holdings of U.S Bitcoin ETFs👇
Purple highlights = My estimates based on $ flows 🧮$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $GBTC pic.twitter.com/LSdcLNB9RX
— HODL15Capital 🇺🇸 (@HODL15Capital) April 10, 2024
Notably, the VanEck Bitcoin Trust (HODL) recorded increased inflows in March after it announced its decision to waive management fees on HODL for up to a year.
Despite WisdomTree’s low inflows, the figures from HODL15Capital show growth in Bitcoin holdings from January 10 to April 9. Meanwhile, daily changes in the Bitcoin holdings data reveal a decline for some of the issuers.
For instance, IBIT, which saw inflows of 9,730 BTC on day 34 reduced substantially to 1,869 BTC on day 61. Similarly, FBTC dropped from 5,422 BTC on day 14 to 44 BTC on day 61. According to CoinShares researcher, James Buterfill, this reduction indicates a reduced desire among ETF investors. Butterfill stated in an earlier report from Coinspeaker that the last week’s inflows had dipped below levels seen in early March.
Despite this waning interest in the US, the Asia market does not appear to be slowing down in its pursuit of spot Bitcoin ETF approvals. As reported earlier in the week, Chinese hedge funds including the Harvest Fund Management and Southern Fund have filed applications with Hong Kong’s financial regulator, the Securities & Futures Commission (SFC).
Is Bitcoin Reacting to Reduced Appetite?
As of the latest data from CoinMarketCap, Bitcoin is trading at $68,997, demonstrating a 1.8% decline in the past 24 hours. Furthermore, the market capitalization and trading volume fell by 1.99% and 13.07%, to $1.3 trillion and $33.7 billion, respectively.
While it is not certain if the drop in the price of Bitcoin is caused by reduced investors’ appetite for spot ETFs, the decline is substantial as it marks a 6% reduction from its all-time high of its $73,628. Notably, with sustained accumulations no matter how small and the coming Bitcoin halving event, the price of BTC is poised to return to its higher highs in the near future.
