GBTC outflows decelerate as new Bitcoin ETFs amass 500,000 BTC

Nine out of the 10 recently launched Bitcoin exchange-traded funds (ETFs) have collectively acquired over 500,000 BTC since their introduction in January. These ETFs now hold approximately 2.54% of the total circulating supply of Bitcoin. The nine funds reached this significant milestone after receiving $287.7 million in Bitcoin on Thursday alone, according to Farside Investors. As a result, the total value of BTC held by these ETFs currently stands at $35 billion, all within just 54 trading days. Including Grayscale, all spot Bitcoin funds in the United States hold a total of 835,000 BTC, which accounts for almost 4% of the entire Bitcoin supply. This week, ETF inflows have returned to positive territory, with a total of $845 million recorded so far, reversing the previous trend of outflows that began on March 18. On March 28, there was a total inflow of $183 million, with BlackRock leading the way as its IBIT fund received $95 million. Other funds, such as Fidelity, Bitwise, and Ark 21Shares, also saw significant inflows ranging from $27.6 million to $67 million. Meanwhile, Grayscale’s GBTC fund experienced an outflow of $105 million, its lowest since March 12. Since converting to a spot ETF in mid-January, Grayscale has sold approximately 284,846 BTC from its GBTC fund. In related news, Bitwise recently filed an S-1 application with the Securities and Exchange Commission for its spot Ethereum ETF on March 28. ETF analyst Eric Balchunas responded to this development, expressing his pessimism about the chances of an ETH ETF approval in May. He stated that his odds currently stand at 25%, but he believes they could decrease further. With seven weeks remaining until the deadline, the lack of communication from the SEC is not encouraging, according to Balchunas.