Author: Ben Strack, Blockworks; Translated by Wuzhe, Jinse Finance
It has been 11 months since the launch of the first U.S. spot Bitcoin ETF on January 11.
Here are 11 facts about these financial products:
According to data from Farside Investors, the total net inflow is $34.3 billion. The iShares Bitcoin Trust (IBIT) from BlackRock alone has attracted $35 billion, while Fidelity's product is second with $12.1 billion in inflows.
Since November 6 (when Donald Trump was declared the winner of the election, eliminating reputational risk for many in crypto), the Bitcoin ETF category has attracted $10.8 billion in new capital.
The sector has seen net inflows on 158 out of 231 trading days (68% of the time). The best day ($1.4 billion) was November 7. The largest outflow ($564 million on May 1) was partly due to profit-taking that caused a BTC price drop.
As of December 10, BlackRock's IBIT had $50.8 billion in assets. This is about $17 billion more than the company's gold trust (IAU) launched in 2005, but about $24 billion less than the SPDR Gold Shares (GLD) launched in 2004.
While IBIT's average daily inflow is $152 million, WisdomTree's Bitcoin fund (BTCW) is less than $1 million.
In terms of flow success, nearly $21 billion has left the Grayscale Bitcoin Trust (GBTC) - a result that was largely expected. The company's cheaper Bitcoin Trust (BTC) launched on July 31 has attracted nearly $900 million in new capital.
In terms of trading volume, an average of 44.5 million IBIT shares are traded daily (worth about $2.6 billion at the current IBIT price). Over the past three months, the BlackRock product ranked 8th among all ETFs by shares (slightly below the SPDR S&P 500 ETF Trust (SPY)).
Since the launch of the spot Ethereum ETF in the U.S. market on July 23, the capital entering BTC products ($16.8 billion) is about 9 times the net inflow into ETH counterparts ($1.9 billion). Thus, during this period, the net inflow into ETH ETFs was about 11% of Bitcoin ETFs - lower than Bloomberg Intelligence's estimate of 15% to 25%.
The institutional buyers of these ETFs include hedge funds, advisors and even pension funds. Jersey City officials said the city's pension plan plans to buy a Bitcoin ETF this month.
Data shared by Bloomberg Intelligence shows that Bitcoin ETFs now hold more Bitcoin than Satoshi Nakamoto's estimated 1 million BTC. In other words, this is about 5% of the total Bitcoin supply.
Finally, the value of the BTC reserves of each fund may not be as high as you might think compared to the prices they paid for these tokens.
A Bitwise executive predicted on Tuesday that Bitcoin ETF inflows will be higher next year than in 2024. Let's see what happens in the coming weeks and then continue to look at the industry's growth prospects.
