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The latest data from K33 Research unveils a significant development in the cryptocurrency landscape, where the nine newly introduced spot Bitcoin exchange-traded funds (ETFs) have collectively amassed over 150,000 BTC, translating to an impressive $6.5 billion in assets under management. Notably, these ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, have witnessed a substantial rise from 47,652 BTC on Jan. 16 to 150,846 BTC as of Monday.
Conversely, Grayscale’s converted GBTC fund has experienced a decline in assets, losing 126,482 BTC ($5.5 billion) since the ETFs’ launch on Jan. 11. The market dynamics further highlight the diminishing spot bitcoin ETF market share of GBTC, while net inflows for the newborn nine surpassed $6.25 billion, marking a notable shift in investor preferences.
Despite GBTC’s challenges, net inflows returned to over $1 billion, with Fidelity’s FBTC and BlackRock’s IBIT leading the charge, surpassing GBTC’s outflows on Monday. BlackRock’s IBIT has even surpassed the assets under management of all Canadian bitcoin ETFs combined, reaching 56,621 BTC. This changing landscape suggests a significant evolution in crypto investment patterns, with emerging ETFs gaining prominence and reshaping the market narrative.
