In the 54 trading days following a $287.7 million inflow on Thursday, nine new spot Bitcoin ETFs had acquired 500,000 BTC, or 2.54% of the circulating supply, with a total value of $35 billion since January, as per Farside Investors.
All spot Bitcoin funds possess 835,000 BTC, or around 4% of the total supply, in the larger U.S. market, which includes Grayscale. ETF inflows reversed a trend of outflows that began on March 18 and increased to $845 million this week.
On March 28, $95 million was invested in BlackRock’s IBIT fund, significant contributions of roughly $67 million each were also made to Fidelity and Bitwise. Following a $200 million spike on Wednesday, Ark 21Shares saw a noteworthy $27.6 million influx.
On the other hand, since its conversion to a spot ETF in mid-January, Grayscale’s GBTC fund has lost 284,846 BTC, with an outflow of $105 million, the lowest since March 12.
In addition, Bitwise submitted an S-1 application on March 28 for a spot Ethereum ETF. ETF expert Eric Balchunas expressed doubts regarding the approval of an ETH ETF in May, noting a 25% possibility and possible decreases as a result of the SEC’s lack of communication.
Though regulatory uncertainty surround Ethereum ETF certification, the spike in Bitcoin ETF holdings and the comeback in ETF inflows point to increased institutional interest in cryptocurrencycurrencies.
