- U.S. Bitcoin ETFs outpaced mining supply, acquiring 17,941 BTC in September 2024.
- BlackRock’s iShares ETF saw massive growth, amassing 366,451 BTC by September 2024.
- Grayscale’s ETF holdings dropped to 221,191 BTC, signaling investor reallocation.
US Bitcoin ETFs snapped up more Bitcoin than miners produced in September 2024. Data from HODL15Capital shows that ETFs collectively acquired 17,941 BTC, while miners only mined 13,500 BTC during the same period.
This surge in demand highlights the growing interest in Bitcoin ETFs, which are now a major market force. The fact that Bitcoin ETFs bought 100% of all newly mined Bitcoin, plus more, indicates a shift in market dynamics that could have a lasting impact on Bitcoin’s price and availability.
Bitcoin ETFs Continue to Accumulate Holdings
Further HODL15Capital data indicates that by the end of September 2024, U.S. Bitcoin ETFs collectively held 931,650 BTC, representing over $60.5 billion in assets under management (AUM). This growing demand comes at a time when spot Bitcoin ETFs are becoming increasingly popular among investors seeking exposure to Bitcoin without directly holding the asset.
Read also: Bitcoin ETFs Shatter Records with $310 Million Inflow in Single Day
Notably, BlackRock’s iShares Bitcoin ETF (IBIT) led the pack with an impressive increase in holdings. IBIT’s Bitcoin stash surged from a mere 228 BTC in January to 366,451 BTC by the end of September. This equates to an AUM of $23.8 billion.
Fidelity’s WiseOrigin Bitcoin ETF (FBTC) also saw substantial growth, reaching 180,345 BTC by the end of the month, bringing its AUM to $11.7 billion. This growth demonstrates a trend among institutional investors gravitating towards ETFs as a means of gaining Bitcoin exposure.
While some ETFs grew impressively, Grayscale’s Bitcoin ETF (GBTC) experienced a decline in its holdings. In January 2024, GBTC held 619,162 BTC, but this fell to 221,191 BTC by the end of September. Its AUM dropped to $14.4 billion. This suggests that some investors are switching to other, newer ETFs, perhaps seeking better liquidity or fees.
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