Bitcoin investment vehicles amass over 1 million BTC, worth around $67 billion
Bitcoin investment funds, including ETFs, now manage over one million BTC — worth around $67 billion at current prices.The bulk, over 83% of this sum, is attributed to U.S. spot and futures bitcoin ETFs.
The majority, constituting over 83% of those figures, is attributed to U.S. spot and futures bitcoin ETFs, according to crypto research firm K33. Europe and Canada follow the U.S. as the second and third largest markets for bitcoin investment vehicles, respectively. Collectively, these vehicles manage 1,008,436 BTC or 5.13% of bitcoin's circulating supply as of Mar. 4, K33 said.
'Monumental threshold'
"Crossing one million bitcoins under management in investment vehicles is a monumental threshold," Vetle Lunde, senior analyst at K33, told The Block. "These vehicles have shaken up the bitcoin market structure considerably. A few years ago, spot exchanges held 20% of the circulating supply; now, this figure has fallen to 11%, with ETFs/ETPs, wrapped bitcoin, and a developing derivatives market eating away market share."
The push beyond one million BTC in investment vehicles "should be an eye-opener for OG bitcoiners that ETFs have become a significant factor in bitcoin's price discovery," Lunde added.
Spot bitcoin ETFs
Of the more than 1 million BTC, nearly 700,000 BTC are under management solely by the recently launched spot bitcoin ETFs in the U.S., according to Glassnode data.
Since debuting in January of this year, U.S. spot bitcoin ETFs are already in a race to beat gold ETFs, which have been operational since 2004. The combined assets under management of U.S. spot bitcoin ETFs have reached over $52.5 billion as of Mar. 4, according to BitMEX Research data , while gold ETFs boast a total AUM of over $100 billion.
As for flows, U.S. spot bitcoin ETFs have seen net inflows totaling $7.9 billion since their launch on Jan. 11, per BitMEX data.
On Mar. 4, U.S. spot bitcoin ETFs saw net inflows worth over $562 million, with Fidelity's FBTC fund itself contributing a record inflow of over $404 million, according to BitMEX data. Meanwhile, bitcoin ETFs from Invesco, VanEck, and Wisdom Tree experienced outflows yesterday.
Overall, BlackRock and Fidelity continue to dominate the spot bitcoin ETFs space, with their combined AUM of over $19 billion as of Mar. 4, per BitMEX data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will the expansion of U.S. Treasury repo become normalized? Will long-term bond issuance be reduced? Tonight, the U.S. Treasury Department will release a key signal.
Deutsche Bank pointed out that there are two key aspects to this survey: first, whether the expansion of long-term U.S. Treasury repo operations will become permanent; second, whether there will be a direct discussion about "eliminating 20-year U.S. Treasuries." Among them, the possible abolition of 20-year U.S. Treasuries is an extremely impactful potential topic. If this is explicitly addressed, it would be seen as a major policy signal from the Treasury Department in response to high yields, and is expected to trigger significant turbulence in the bond market.
SUI Eyes 528% Upside: Key Breakout Levels From $1.34 to a Potential $6.70 Target
Wall Street sets a positive tone for the long-term prospects of AI; the Fed's interest rate path for October remains uncertain! Cooling US Treasury yields open a window for tech sector rebound?
Waller’s series of speeches at the IMF reinforced the view that cutting-edge AI technology will fundamentally reshape the economy in the long term, but he did not commit to a pause in rate hikes in October. For global semiconductor stocks, which have recently experienced heavy sell-offs and entered a correction phase, the positive aspect is that he did not further intensify short-term rate hike expectations.
Tesla's sports car can really fly!
Tesla's second-generation Roadster was unveiled at the SpaceX test site, marking a significant debut nine years after pre-orders first began in 2017. Mass production is scheduled for 2028. The new vehicle features a fan suction system and compressed air thrusters, enabling genuine "flight." Elon Musk confirmed that this will be Tesla's last model to support manual driving. Analysts predict that sales of 7,000 units in the first year could generate nearly $2 billion in revenue, with extremely high profit margins being its core commercial value.
Crypto prices
More
