- The U.S. Spot Bitcoin ETFs have accumulated a collective reserve of over 827,000 BTC, posing a significant challenge to global Bitcoin ETPs, including those in Hong Kong.
- Grayscale’s GBTC holds the largest share in the U.S. Bitcoin ETF reserve.
- Global Bitcoin ETPs currently hold more than 931,000 BTC.
U.S. Spot Bitcoin ETFs are ramping up their reserves, challenging the dominance of global Bitcoin ETPs. This article delves into the details of this development and its implications for the crypto market.
U.S. Spot Bitcoin ETFs vs. Global Bitcoin ETPs
The U.S. Spot Bitcoin ETFs have amassed over 827,000 BTC since their launch in January this year, posing a significant challenge to global Bitcoin ETPs, which have a reserve of more than 931,000 BTC. Grayscale’s GBTC ETF holds the largest share in the U.S. Bitcoin ETF reserve, with 291,815 BTC, less than 50% of the reserve of $619,000 BTC held during its debut. BlackRock’s iShares Bitcoin Trust (IBIT) follows closely with 274,320 BTC, a significant increase from its initial 225 BTC.
Details of the Bitcoin ETF Reserves
Other U.S. Bitcoin ETFs have also been accumulating significant reserves. The Fidelity Wise Bitcoin ETF has garnered a reserve of 152,880 BTC, while the Ark 21Shares ETF (ARKB) has scooped up 43,470 BTC off the market. The Bitwise BTC ETF (BITB) holds a fund of 33,942 BTC, and the VanEck Bitcoin Trust (HODL) accounts for a reserve of $9,305 BTC. The Valkyrie BTC ETF (BRRR) has attracted inflows of 8,105 BTC, and Invesco Galaxy’s BTCO ETF has acquired a reserve of 6,633 BTC. Franklin Templeton’s EZBC has garnered 6,003 BTC since launch, and WisdomTree and Hashdex Bitcoin ETFs have grasped 1,120 and 178 BTC, respectively.
Global Bitcoin ETPs Still Lead
Despite the rapid accumulation by U.S. Spot Bitcoin ETFs, global Bitcoin ETPs still hold a larger reserve of 932,811 BTC. This reserve is led by Canada’s Purpose Bitcoin ETF, which holds 27,673 BTC, and Germany’s ETC Group Physical Bitcoin Fund, which has grabbed 21,005 BTC to date. The Hong Kong Bitcoin ETFs have also acquired a substantial reserve of 4,256 BTC since their historic debut last week.
Conclusion
The competition between U.S. Spot Bitcoin ETFs and global Bitcoin ETPs is heating up, with both sides ramping up their reserves. This development indicates the growing institutional interest in Bitcoin and other cryptocurrencies, which could potentially drive further growth in the crypto market.
