Nearly a year since United States-based spot Bitcoin exchange-traded funds (ETFs) were launched in January, the funds have experienced remarkable growth.
Inflows into the 12 funds have surpassed 500,000 BTC.
Spot Bitcoin ETFs Attract Over 500K BTC
In an X post, Vetle Lunde, head of Research at the digital assets research firm K33, stated that spot bitcoin ETFs currently have 500,925 BTC in cumulative net inflows, worth over $50.5 billion at today’s price.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) had achieved this milestone earlier. The fund became the fastest ETF in history to exceed $50 billion in asset under management (AUM), a feat it achieved in 228 days, beating the previous record of 1,329 days.
However, since Grayscale’s Bitcoin Trust had mostly recorded negative flows, the cumulative net inflows into the 12 US spot bitcoin ETFs took longer to hit the 500,000 BTC milestone.
Lunde added, “U.S. ETFs have absorbed more than 2.5% of the circulating supply since their launch in January.” According to data from CoinMarketCap, bitcoin’s circulating supply currently stands at 19.7 million BTC, with a supply cap of 21 million BTC.
Bitcoin ETFs Extend Inflow Streak Amid Soaring Price
The funds have been on an inflow streak over the past two weeks, with Wednesday being the 10th consecutive day of inflows. Net inflows into spot bitcoin ETFs on Wednesday totaled $223 million, according to data from SoSo Value.
Fidelity’s FBTC led the inflows with $121.9 million in fresh investment. GBTC and ARKB recorded $52.27 and $20.13 inflows respectively. BlackRock’s IBIT, however, maintained neutral flows.
Per the data, total net inflows into the 12 US spot BTC ETFs amounted to $34.58 billion. Growing institutional interest in bitcoin has significantly contributed to the sustained inflows into spot bitcoin ETFs.
The latest inflows coincided with the recent BTC rally, which saw the top cryptocurrency trading above $100k. BTC is trading at $100,879 at press time.
The post Bitcoin ETFs Hit $50.5B in Cumulative Net Inflows in First Year appeared first on CryptoPotato.
This articles is written by : Fady Askharoun Samy Askharoun
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