Since their launch on January 11, nine out of ten new spot Bitcoin exchange-traded funds (ETFs) have collectively amassed over 500,000 BTC.
This figure represents 2.54% of the total bitcoins currently in circulation.
Farside Investors reports that, after a significant day of trading on Thursday, these funds experienced inflows of $287.7 million in Bitcoin.
Consequently, the value of the Bitcoin held by these nine ETFs surged to $35 billion over the span of 54 trading days.
Cumulatively, all U.S.-based spot Bitcoin funds, including those managed by Grayscale, now control 835,000 BTC.
This stash accounts for nearly 4% of all bitcoins available, underscoring the growing influence of institutional investments in the cryptocurrency sector.
The trend towards ETF inflows has seen a resurgence this week, with a recorded $845 million entering the market.
This reverses a previous pattern of outflows that began on March 18.
READ MORE: Grayscale Maintains Optimism for May Approval of Spot Ether ETFs Despite SEC Engagement Concerns
Notably, on March 28, these ETFs witnessed inflows totaling $183 million, led by BlackRock’s IBIT fund, which alone attracted $95 million.
Other significant contributions came from Fidelity and Bitwise, each with inflows of approximately $67 million, and Ark 21Shares, which secured $27.6 million following a substantial $200 million influx on the preceding Wednesday.
Meanwhile, Grayscale’s GBTC fund recorded an outflow of $105 million, marking its lowest level since March 12.
Since transitioning to a spot ETF in mid-January, Grayscale has reduced its GBTC fund by approximately 284,846 BTC.
In a related development, Bitwise has initiated the process for launching a spot Ethereum ETF by filing an S-1 application with the Securities and Exchange Commission on March 28.
In response to this filing, ETF analyst Eric Balchunas expressed a cautious outlook, estimating the chances of approval for the ETH ETF in May at a pessimistic 25%.
He highlighted the lack of communication from the SEC as a concerning factor, noting that the silence could imply a lower likelihood of approval as the deadline approaches in seven weeks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
