New BTC ETFs Hold Over 178,000 Bitcoin, Drain Massive Liquidity From Market

Matt Williams
Last updated: | 2 min read

Algotech

TDLR:

  • Nine ETFs have collectively accumulated a total of 177,949 Bitcoin
  • BlackRock and Fidelity Dominate with Nearly 75%
  • GBTC Bitcoin Reserves declined but still hold a higher number of BTC than all the nine funds combined

According to recent reports, the nine new spot Bitcoin ETFs, which were launched on January 11, 2024, have increased their Bitcoin holdings after the closing of trading activity on February 2, 2024. Data shows that Blackrock’s IBIT now holds 72,466.64 Bitcoin, valued at $3.12 billion, while Fidelity’s Wise Origin ETF, FBTC, holds 60,054.87 BTC, approximately valued at $2.58 billion.

Nine ETFs have collectively accumulated 177,949 Bitcoin, with Blackrock’s IBIT and Fidelity’s FBTC holding approximately 75% of the total. While GBTC’s Bitcoin reserves have declined, the newly launched spot Bitcoin ETFs – IBIT, FBTC, ARKB, BITB, BTCO, HODL, BRRR, EZBC, and BTCW have accumulated a significant amount of BTC.

Currently, Blackrock’s IBIT leads among U.S. spot Bitcoin ETFs, excluding Grayscale’s GBTC.

Blackrock’s IBIT now holds 72,466.64 BTC, accounting for 0.369% of the total 19.61 million BTC in circulation. Fidelity’s FBTC follows closely, managing 60,054.87 BTC, representing 0.306% of the circulating Bitcoin.

BTC Held by Other ETFs 

ARKB, managed by Ark, Invest 21 shares, possesses 15,890 BTC, while BITB by Bitwise, holds 15,053.66 BTC. Together, ARKB and BITB control 30,943.66 BTC, equivalent to 0.157% of the circulating Bitcoin supply.

Additionally, the Invesco Galaxy ETF controls 7,081 BTC, constituting 0.036% of the total Bitcoin supply. Vaneck’s HODL ETF safeguards 2,998.48 BTC, while Valkyrie’s BRRR ETF has gathered 2,649.46 BTC.

Franklin Templeton’s EZBC fund holds 1,479 BTC, and Wisdomtree’s BTCW maintains a position of 276 BTC. Together, these four ETFs collectively possess 7,402.94 BTC, which is 0.037% of the total circulating bitcoins.

Total BTC Supply

In total, the nine ETFs manage a substantial sum of 177,949.11 BTC, valued at $7.62 billion based on the latest BTC exchange rates. These nine ETFs represent 0.907% of the total BTC supply.

When considering GBTC, the total holdings of all ten ETFs make up 656,286.54 BTC, equivalent to 3.345% of the existing 19.61 million BTC. As of January 12, 2024, GBTC possessed 617,079.99 BTC. However, its current holdings have decreased to 478,337.43 BTC, marking a total divestment of 138,742.56 BTC.

This reduction by the nine ETFs has led to the withdrawal of 39,206.55 BTC, valued at $1.68 billion, from the market. The severe liquidity drain is expected to result in a major supply crunch in the market and have a positive impact on the price action of altcoins as well. Investors have already started to search for the next growth opportunity that will outperform Bitcoin.

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