A significant development has taken place in the cryptocurrency market, where nine introduced spot bitcoin exchange traded funds (ETFs) have collectively acquired 453,503.98 bitcoins, valued at, around $30.29 billion based on the data. This substantial increase in holdings has elevated these ETFs to positions in the digital asset realm surpassing the holdings of the previously dominant Grayscale Bitcoin Trust (GBTC).
Since their launch on January 11 2024 these ETFs have shown growth in their reserves approaching close to half a million BTC. As of March 17 2024 the total combined BTC holding of 453,503.98 highlights growing interest and confidence in bitcoin as an investment option for both retail investors.
Leading the pack is Blackrocks IBIT fund with a 228,612.98 BTC $15.27 billion. This amounts to than half of the bitcoin reserves held by all nine ETFs and marks a significant achievement for IBIT. Following closely behind is the Fidelity Bitcoin Fund (FBTC) with 132,571.08 BTC valued at $8.85 billion making up 29.23% of the aggregated bitcoin reserves.
Among players are Ark Invests ARKB and Bitwises BITB, with holdings of 39,789 BTC and 29,267 BTC respectively.
In the updates there has been a change, in the ETF rankings, where Vanecks HODL and Valkyries BRRR ETFs have surpassed Invesco. Vanecks HODL ETF holds 7,438.19 BTC while Valkyries BRRR ETF contains 6,343.69 BTC.
On the hand Invescos BTCO fund and Franklin Templetons EZBC fund have still significant holdings of 5,098 BTC and 3,306 BTC respectively. Wisdomtrees BTCW fund, with 1,078.04 BTC in its reserves completes the list of these nine ETFs.
The total accumulation by these ETFs has exceeded the holdings of Grayscale Bitcoin Trust (GBTC) which currently holds 380,240.68 BTC valued at $25.4 billion. This represents a decrease from its assets after converting to a spot bitcoin ETF. GBTC has seen a reduction of 236,839.31 BTC over a period of 65 days leading to a devaluation of $15.82 billion.
Although GBTC remains the BTC ETF in terms of reserves IBIT is rapidly catching up as its holdings now exceed 60% of GBTCs reserves. This trend highlights a shifting landscape, in cryptocurrency investments as new ETFs gain traction and impact how institutional investors allocate their assets.