Ten U.S. bitcoin ETFs have amassed over 519,000 BTC, with Blackrock holding the largest portfolio with 50.81% of the total bitcoin holding of 263,937.48 BTC worth $17.88 billion. This portfolio is the largest after GreyScale's GBTC.
The total across the ten ETFs, excluding GBTC by Grayscale, is 519,440.22 BTC, which is currently valued at $37.26 billion. Over the past 48 hours, Blackrock's portfolio has grown from 259,381.18 BTC to the current 263,937.48 BTC.
Fidelity's FBTC is in second place with 150,563.50 BTC, which is 28.98% of the total 519,440.22 BTC. Ark Invest's ARKB and Bitwise's BITB hold 43,513 BTC and 32,377.97 BTC, respectively, outperforming the other six ETFs in terms of investment volume but behind IBIT and FBTC in terms of bitcoin holdings.
GBTC remains the leader among spot bitcoin ETFs, holding 325,686.78 BTC. Including GBTC and the other ten funds, the total reaches 845,127 BTC, equivalent to $60.63 billion. The asset share of these 11 exchange traded ETFs represents 4.29% of the total bitcoin supply, which currently stands at 19,676,811.74 BTC.
Some bloggers are predicting a sharp drop in the price of bitcoin, but exchange Coinbase has taken the opposite view in their latest market review. They note that bitcoin's growing recognition as "digital gold" could lead to demand from new investors, which they believe will support bitcoin demand in the future. In addition, the launch of spot bitcoin ETFs in the U.S. could reduce market volatility.
The impact of these ETFs and increased institutional demand is reflected in the growing open interest in bitcoin futures, which can be used as a hedging tool. For example, open interest in CME futures reached $9.9 billion and exceeded that of any centralized exchange, accounting for more than one-third of the entire bitcoin futures market.