Slowdown in GBTC Outflows as New Bitcoin ETFs Accumulate 500,000 BTC

Nine new Bitcoin exchange-traded funds (ETFs) have amassed over 500,000 BTC since their launch in January, representing 2.54% of the total circulating supply. These ETFs achieved this milestone after acquiring $287.7 million worth of Bitcoin on Thursday alone, according to Farside Investors. In just 54 trading days, the combined holdings of these ETFs now amount to $35 billion. Additionally, all US spot Bitcoin funds, including Grayscale, hold a total of 835,000 BTC, which is nearly 4% of the entire supply. This week, ETF inflows have reversed the recent trend of outflows, with $845 million in inflows recorded so far. Notably, BlackRock’s IBIT fund attracted $95 million, Fidelity and Bitwise received around $67 million each, and Ark 21Shares saw $27.6 million after a massive inflow of $200 million on Wednesday. Grayscale’s GBTC outflow was the lowest since March 12 at $105 million. Furthermore, Bitwise has filed an application for a spot Ethereum ETF with the Securities and Exchange Commission on March 28. Despite this, ETF analyst Eric Balchunas remains pessimistic about the approval of an ETH ETF in May, giving it odds of only 25% or possibly lower. Balchunas noted the lack of communication from the SEC as a discouraging sign. Trezor CEO also expressed concerns that Bitcoin ETFs could make Coinbase a target for hackers and governments.