Blockworks
11 December 2024
Updated 12 December
2 0

11 Key Facts About Bitcoin ETFs After 11 Months of US Listings

It has been 11 months since US spot bitcoin ETFs launched on January 11.

Here are 11 facts about these products:

  1. Combined net inflows total $34.3 billion, with BlackRock’s iShares Bitcoin Trust (IBIT) attracting $35 billion and Fidelity’s product receiving $12.1 billion, according to Farside Investors data.
  2. Since November 6, when Donald Trump was named the election winner, bitcoin ETFs have garnered $10.8 billion in new capital.
  3. The category has seen net inflows on 158 of 231 trading days (68%). The highest inflow day was November 7, with nearly $1.4 billion, while the largest outflow occurred on May 1, totaling $564 million.
  4. As of December 10, IBIT had $50.8 billion in assets, exceeding BlackRock's Gold Trust (IAU) by $17 billion but falling $24 billion short of State Street’s SPDR Gold Shares (GLD).
  5. IBIT’s average daily inflows are $152 million compared to less than $1 million for the WisdomTree Bitcoin Fund (BTCW).
  6. Grayscale Bitcoin Trust (GBTC) experienced outflows of nearly $21 billion, partly due to anticipated shifts towards lower-cost options like the Bitcoin Mini Trust (BTC), which has attracted almost $900 million since its launch on July 31.
  7. IBIT trades an average of 44.5 million shares daily, valued at approximately $2.6 billion, ranking eighth among all ETFs by share volume over the past three months.
  8. Since the introduction of spot ether ETFs on July 23, bitcoin products received $16.8 billion, significantly outpacing the $1.9 billion directed to ether ETFs.
  9. Institutional investors, including hedge funds and pension funds, are increasingly purchasing these ETFs, with Jersey City officials planning to invest in bitcoin ETFs this month.
  10. Bloomberg Intelligence indicates that bitcoin ETFs now hold more bitcoin than the estimated 1.1 million BTC attributed to Satoshi Nakamoto, representing about 5% of the total bitcoin supply.
  11. The value of the bitcoin held by each fund relative to their purchase price may differ from initial expectations.

Bitwise executives forecasted that bitcoin ETFs will attract more capital next year than in 2024. Monitoring upcoming weeks will provide further insights.