Will the Newborn Nine Bitcoin ETFs Surpass GBTC in AUM Today?

The nine new spot Bitcoin exchange-traded funds (ETFs) recently approved in the United States are set to overtake the holdings of the Grayscale Bitcoin Trust today.

Excluding Grayscale, these ETFs collectively manage assets worth nearly $27 billion, led by IBIT, with an asset under management (AUM) of almost $13 billion, as reported by BitMEX Research.

Spot Bitcoin ETFs Close in on Grayscale

According to Vetle Lunde, a senior analyst at K33 Research, as of yesterday, the Grayscale Bitcoin Trust (GBTC) held 400,186 BTC, while the newly established U.S. spot Bitcoin ETFs, dubbed the “newborn nine,” collectively held 397,847 BTC.

Lunde also highlighted the net inflow of 6,965 BTC, suggesting that the ETFs will soon surpass GBTC in holdings if the ETF inflow trend continues.

The newborn nine is due to surpass GBTC in AUM after today’s session.

As of yesterday, GBTC holds 400,186 BTC, whereas the newborn nine holds 397,847 BTC.

Net inflow March 7: 6,965 BTC pic.twitter.com/0u4HlsnHAG

— Vetle Lunde (@VetleLunde) March 8, 2024

The analyst also noted the growth of these ETFs. In less than two months since their launch, they have absorbed a remarkable amount of the Bitcoin supply, surpassing the annualized supply issuance reduction anticipated by the halving. Notably, the net inflow to U.S. spot ETFs has reached 166,936 BTC since launch.

BlackRock’s IBIT achieved a record daily inflow of $788.3 million on Tuesday, coinciding with a day when the combined spot ETFs generated nearly $10 billion in daily trading volume. Additionally, IBIT has recently surpassed MicroStrategy’s Bitcoin holdings.

Meanwhile, Thursday’s trading volume for the U.S. spot Bitcoin ETFs remained robust, reaching $4.53 billion, marking it as the sixth-largest volume day. According to data, BlackRock’s IBIT led the trading with $1.6 billion in volume, followed by Grayscale’s GBTC and Fidelity’s FBTC with $1.3 billion and $1.1 billion, respectively.

The cumulative trading volume for all spot Bitcoin ETFs is now nearing $100 billion, a milestone likely to be achieved later today.

Fidelity’s FBTC Bitcoin ETF Surges

On Thursday, Fidelity’s FBTC spot Bitcoin exchange-traded fund experienced a surge in daily inflows, reaching a record high of $473.4 million. This figure nearly doubled the usual dominant inflow of BlackRock’s IBIT ETF, which stood at $244.2 million for the same day.

According to CoinGecko data, Bitcoin is trading at $67,662, representing a 1.5% increase over the past 24 hours and a 10% rise over the last week. As for the past month, Bitcoin has surged by more than 50%, maintaining its position as the largest cryptocurrency by market capitalization.

Meanwhile, the global crypto market cap is at $2.7 trillion, a 2.5% increase over the last 24 hours, mirroring Bitcoin’s bullish sentiments.