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- U.S. Bitcoin ETFs outpaced mining provide, buying 17,941 BTC in September 2024.
- BlackRock’s iShares ETF noticed large progress, amassing 366,451 BTC by September 2024.
- Grayscale’s ETF holdings dropped to 221,191 BTC, signaling investor reallocation.
US Bitcoin ETFs snapped up extra Bitcoin than miners produced in September 2024. Knowledge from HODL15Capital reveals that ETFs collectively acquired 17,941 BTC, whereas miners solely mined 13,500 BTC throughout the identical interval.
This surge in demand highlights the rising curiosity in Bitcoin ETFs, which are actually a significant market power. The truth that Bitcoin ETFs purchased 100% of all newly mined Bitcoin, plus extra, signifies a shift in market dynamics that would have a long-lasting impression on Bitcoin’s worth and availability.
Bitcoin ETFs Proceed to Accumulate Holdings
Additional HODL15Capital information signifies that by the top of September 2024, U.S. Bitcoin ETFs collectively held 931,650 BTC, representing over $60.5 billion in belongings beneath administration (AUM). This rising demand comes at a time when spot Bitcoin ETFs have gotten more and more fashionable amongst traders searching for publicity to Bitcoin with out instantly holding the asset.
Learn additionally: Bitcoin ETFs Shatter Data with $310 Million Influx in Single Day
Notably, BlackRock’s iShares Bitcoin ETF (IBIT) led the pack with a powerful improve in holdings. IBIT’s Bitcoin stash surged from a mere 228 BTC in January to 366,451 BTC by the top of September. This equates to an AUM of $23.8 billion.
Constancy’s WiseOrigin Bitcoin ETF (FBTC) additionally noticed substantial progress, reaching 180,345 BTC by the top of the month, bringing its AUM to $11.7 billion. This progress demonstrates a development amongst institutional traders gravitating in direction of ETFs as a method of gaining Bitcoin publicity.
Whereas some ETFs grew impressively, Grayscale’s Bitcoin ETF (GBTC) skilled a decline in its holdings. In January 2024, GBTC held 619,162 BTC, however this fell to 221,191 BTC by the top of September. Its AUM dropped to $14.4 billion. This means that some traders are switching to different, newer ETFs, maybe searching for higher liquidity or charges.
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