Nearly a year after the Bitcoin spot exchange-traded fund (ETF) launched in the US in January, the fund has seen phenomenal growth.
Inflows into 12 of these funds have surpassed 500,000 BTC.
In a post on the X platform, Vetle Lunde, Head of Research at digital asset firm K33, noted that the bitcoin spot ETF now has 500,925 BTC in accumulated net inflows, worth over $50.5 billion at current prices.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) achieved this milestone earlier. The fund became the fastest ETF in history to surpass $50 billion in assets under management (AUM), a feat achieved in 228 days, beating the previous record of 1,329 days.
Waima, as Grayscale Bitcoin Trust posted mostly negative flows, the cumulative net inflows into the 12 US-based bitcoin spot ETFs took longer to reach the 500,000 BTC benchmark.
Lunde added, “US ETFs have absorbed more than 2.5% of the total circulating supply since their launch in January.” According to data from CoinMarketCap, the circulating supply of bitcoin currently stands at 19.7 million BTC, with a supply cap of 21 million BTC.
The fund has seen consecutive inflows for the past two weeks, with Wednesday marking the 10th consecutive day of inflows. Net inflows into bitcoin spot ETFs on Wednesday totaled $223 million, according to data from SoSo Value.
Fidelity’s FBTC ETF led the inflows with new investments of $121.9 million. GBTC and ARKB saw inflows of $52.27 million and $20.13 million, respectively. BlackRock’s IBIT, however, maintained neutral flows.
According to the data, the total net inflows into the 12 BTC spot ETFs in the US amounted to $34.58 billion. Growing institutional interest in bitcoin has contributed significantly to the continued inflows into bitcoin spot ETFs.
The latest inflows coincide with the recent surge in BTC prices, which saw the leading cryptocurrency trade above $100k. At the time of writing, BTC is trading at $100,879.
