Less than a month after being approved by the SEC, the 9 new Bitcoin Spot ETFs have reached a major milestone, accumulating $10 billion in assets under management.
A Promising Start for Bitcoin Spot ETFs
Since their launch, the new Bitcoin Spot ETFs (excluding Grayscale’s GBTC) have seen rapid adoption, reflected in the impressive accumulation of $10 billion worth of BTC in just 20 trading sessions. Leading the pack is BlackRock’s iShares Bitcoin Trust, dominating the market with $4 billion in Bitcoin under management. Close behind is Fidelity’s Wise Origin Bitcoin Fund, managing over $3.4 billion in BTC, while the ARK 21Shares Bitcoin ETF has also reached the billion-dollar portfolio mark.
Market Outlook and Evolution
Despite the market fluctuations, the GBTC has seen $6.3 billion in outflows over the past 30 days. However, analysts like Bloomberg’s Eric Balchunas are observing a consolidation of strength in other Bitcoin Spot ETFs.
On the other hand, ARK Invest’s analysis suggests that Bitcoin is replacing gold as a safe haven asset, with Bitcoin’s value outperforming gold by twenty times in the past seven years.
