Spot Bitcoin ETFs have come to cover 4% of the entire BTC supply, with GBTC's dominance coming to an end given the push from IBIT

ETFs increasingly protagonists

Weeks pass, but the performance of the new Bitcoin spot ETFs does not seem to stop improving. And if inflow and volumes are often the data that most catch the eye, it is equally fundamental to analyze the general situation, with the new products that have arrived, in the last few hours, to cover 4% of the entire BTC supply (in total , 21 million).

In the last day, as reported by BitMEX Research, net-inflows into ETFs amounted to 472.6 million dollars, with record inflows ($473.4 million) for Fidelity's FBTC in just 24 hours. At the same time, the net asset value of all ETFs combined exceeded $54 billion.

All this data, as Dragonfly was the first to point out, contributed to the achievement of 4% of the entire total supply of BTC.

The "converted" GBTC ETF, which continues to record constant outflows, is instead about to be overtaken by the "new nine" in terms of share of BTC under management (probably already today).

According to Vetle Lunde of K33 Research, GBTC held 400,186 BTC until yesterday, while the rest of the "team" held 397,847 BTC.

The increasingly broad horizons of ETFs

As previously reported, BlackRock has also submitted an application to the SEC to add the Bitcoin spot ETF within its "Global Allocation Fund" (18 billion dollars in holding), for a dynamic that highlights a now clear strategy: inserting BTC in more and more investment portfolios.

To demonstrate that BlackRock is not sitting idle, among other things, is also demonstrated by the application already submitted for the approval of an Ethereum spot ETF, to ride the enthusiasm of new institutional investors also on the second cryptocurrency.