The Spot Bitcoin Exchange Traded Fund (ETF) has attracted more net inflows over the past four days of trading than in the first four weeks of trading in its entirety.
according to Ten Spot Bitcoin (BTC) ETFs have seen inflows of 43,300 Bitcoin (worth $2.3 billion at current prices) in the past four days alone, according to data from Bitcoin tracking platform Apollo. In comparison, the fund took 20 trading days to accumulate 42,000 in Bitcoin inflows.
We are witnessing a complete acceleration. #BTC ETF inflow.
First 20 days of trading ~ 42,000 BTC inflow
Transactions in the last 4 days ~ 43,000 BTC inflow
— Thomas | heyapollo.com (@thomas_fahrer) February 15, 2024
This means that four Spot Bitcoin ETFs, excluding Gracie Scale, have occupied the “Billionaires’ Club” status, with Bitwise Bitcoin ETF becoming the latest to clear the milestone on February 14th. That’s what I received.
today, $BITB Total assets under management exceeded $1 billion. To our investors: Thank you. We’re excited about what’s to come.
– Low cost with total expense ratio of 0.20%
– Donate 10% of profits to developers
– First US BTC ETF reveals holding addressBITB Disclosures and Prospectus: https://t.co/pAV6kWFfbg pic.twitter.com/HMiv6mzFfn
— Bitwise (@BitwiseInvest) February 14, 2024
Nate Geraci, President of ETF Store, explained Bitwise’s performance has been “most impressive,” he said, adding that it is the only crypto-native investment fund among the top providers.
Bitwise lost out to BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, and Cathie Wood’s Ark21Shares Bitcoin Trust for the $1 billion position.
The remaining ETFs, including Invesco, VanEck, Valkyrie, and Franklin Templeton, are even further away as their assets under management (AUM) have yet to surpass $500 million.
Related: Bitcoin market capitalization exceeds $1 trillion
WisdomTree’s Bitcoin Trust has struggled to attract significant inflows and currently ranks last among Bitcoin ETFs, with just $23 million in assets under management. around Apollo data.
Notably, on February 13, BlackRock’s iShares Bitcoin Trust became the first Bitcoin ETF to exceed $5 billion in assets under management, holding a total of 105,280 BTC at the time of writing.
The bullishness surrounding Spot Bitcoin ETF flows is seen by many market participants as the main driver of Bitcoin’s recent rally, which saw its price surpass $50,000 on February 12th.
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