Spot Bitcoin ETFs now control over 5% of BTC's total supply, says CryptoQuant analyst -

Spot Bitcoin ETFs now control over 5% of BTC’s total supply, says CryptoQuant analyst

Nov 17, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Spot Bitcoin ETFs now holds 5.3% of the total mined Bitcoin supply.
BlackRock’s iShares Bitcoin Trust exceeded $40 billion in assets with huge net inflows.

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Spot Bitcoin ETFs have accumulated 5.3% of all existing Bitcoin, according to CryptoQuant analyst MAC_D.According to the analyst, holdings in physical Bitcoin ETFs increased from 629,900 BTC on January 1 to 1.05 million BTC, representing growth of 425,000 BTC. This expansion lifted ETF ownership from 3.15% to 5.33% of the total mined supply of 19.78 million BTC in 10 months.

Photo: MAC_D

Data tracked by MAC_D also shows a correlation between Bitcoin accumulation through spot Bitcoin ETFs and price movements, particularly during the March and November price surges.US-listed spot Bitcoin ETF saw net inflows totaling approximately $4 billion by the end of March, Farside Investors’ data shows. March also witnessed a dramatic increase in trading volume for these ETFs, reaching $111 billion, nearly tripling from around $42 billion recorded in February, according to Bloomberg ETF analyst Eric Balchunas.

MARCH MADNESS: Bitcoin ETFs traded $111b in March, which is just about triple what they did in Feb and Jan. I added the months where only GBTC was on market for further context. I can’t imagine April will be bigger but who knows.. pic.twitter.com/AJEE0mPmpW

— Eric Balchunas (@EricBalchunas) April 2, 2024

The inflows into Bitcoin ETFs coincided with an uptick in Bitcoin prices, which hit a high of above $73,000 during the period.Similar to March, November saw a remarkable increase in Bitcoin ETF inflows and trading volumes, driven by positive market sentiment following Donald Trump’s election victory and expectations of supportive regulations for the crypto sector.var rocket_beacon_data = {“ajax_url”:”https://cryptobriefing.com/wp-admin/admin-ajax.php”,”nonce”:”ef174cbb11″,”url”:”https://cryptobriefing.com/btc-etfs-control-total-supply”,”is_mobile”:false,”width_threshold”:1600,”height_threshold”:700,”delay”:500,”debug”:null,”status”:{“atf”:true},”elements”:”img, video, picture, p, main, div, li, svg, section, header, span”}Trump’s reelection led to a surge in financial markets, including major gains in stocks and crypto assets like Bitcoin. Bitcoin established a new all-time high of above $92,000 in the aftermath of Trump’s win.

Since November 6, US spot Bitcoin ETFs have logged around $3.9 billion in net inflows. BlackRock’s iShares Bitcoin Trust (IBIT) still leads the pack, taking in over $3 billion. The fund has also exceeded $40 billion in assets following recent market activity.This week alone, IBIT recorded over $2 billion in net inflows, while the broader US Bitcoin ETF market showed mixed performance.These funds recorded $2.4 billion in net inflows during the first three trading days, but they experienced over $770 million in redemptions on Thursday and Friday. Overall, the funds reported net inflows of around $1.6 billion.

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