The nine newly authorized spot Bitcoin exchange-traded funds (ETFs) in the U.S. currently manage more than 300,000 Bitcoin (BTC), or more than $17 billion, according to data from K33 Research. show.
Data from the research firm shows that nine fund managers manage a total of 303,002 BTC, a new high. It also represents 1.5% of the 19.6 million BTC currently in circulation. At a current price of around $57,040, that total equates to approximately $17.3 billion worth of the major cryptocurrency.
This tally does not include Grayscale’s holdings, which converted the existing Bitcoin Trust (GBTC), launched in 2013, into a U.S. Securities and Exchange Commission (SEC)-approved spot Bitcoin ETF.
According to the GBTC website, there are 444,446 BTC held in Grayscale alone, or approximately $25.3 billion. All told, new and existing spot Bitcoin ETFs hold nearly $43 billion worth of the cryptocurrency.
Major fund managers are quickly purchasing virtual currencies because of customer demand. Investors like to buy shares of ETFs that track the underlying prices of assets.
BlackRock, the world’s largest fund manager, has the most assets under management of any modern Bitcoin ETF operator. It is now worth over $7 billion. Wall Street titan’s iShares Bitcoin Trust also recorded Monday was the best trading day on record, with more than $1.3 billion worth of stock traded.
Last January, the SEC gave me the green light A product that trades like a stock and allows traditional investors to gain exposure to Bitcoin without having to worry about things like storing their coins.
The product has been a huge success, with investors flocking to the space who had previously been unable to get their hands on Bitcoin in a safe and regulated way.
The price of the largest digital currency fell following the approval of the spot Bitcoin ETF. This is because there was a Grayscale product that converted from a closed-end fund to an ETF.Experienced significant outflowIt’s putting downward pressure on prices.
However, Grayscale outflows have since slowed and Bitcoin is surging. It’s currently up 11% in the past week alone.
Editor: Andrew Hayward
