Since the spot Bitcoin Exchange Traded Fund (ETF) products got approved and listed on exchanges, a significant allocation has been used to buy physical BTC.
The historic debut of spot Bitcoin ETFs from 11 issuers spelled a good omen for the underlying asset as expectations mounted on the upside for the coin.
According to data insights shared by top market analyst Ali Martinez, spot Bitcoin ETFs in the United States now hold a total of 638,900 BTC worth approximately $27 billion in market value.
This figure is impressive, considering the age of the asset class in general. With this good start, the optimism for more allocation to Bitcoin is higher in the long term.
ETF Issuer’s Allocation to Bitcoin
When the BTC holding of each of the spot Bitcoin ETF issuers is brought into proper perspective, a major imbalance emerges. Grayscale Investments (GBTC) has the largest chunk with a total of 566,973.4051 BTC as of January 19 as shared by Martinez.
Grayscale’s Bitcoin is enormous because it already held a massive amount of Bitcoin in its trust before the recent conversion to an ETF.
While the Grayscale influence helped establish Bitcoin ETFs as the second-largest commodity ETFs, displacing Silver, it has been suffering severe fund exodus since the launch earlier this month.
BlackRock (iBIT) comes a distant second in its Bitcoin holdings with a total of 28,622. Fidelity Investments (FBTC) ranks in the third position with 20,466 BTC held in custody.
Other issuers with sizable Bitcoin allocations include Bitwise (BITB) 8,294 units, Ark/21Shares (ARKB) with a total of 7,565 BTC, and Invesco/Galaxy (BTCO) whose holdings come in at 1,871 BTC.
#Bitcoin ETFs in the US now hold over 638,900 $BTC, worth around $27 billion! Probably nothing… ? pic.twitter.com/IQbM2DT4FJ
— Ali (@ali_charts) January 22, 2024
Sparing Bitcoin Allocation Round the Block
Besides these major Bitcoin holdings, other issuers also had a sizable inflow into their funds. While Valkyrie (BRRR), VanEck (HODL), and Franklin Templeton (EZBC) boast 1,737 BTC, 2,150 BTC, and 1,160 BTC, WisdomTree (BTCW) had the lowest BTC in custody which comes in at 111 units as of January 19.
Despite this massive Bitcoin held in trust, there has been no corresponding impact on the price of the asset.
At the moment, Bitcoin’s price and market cap are down by 1.89% in the past 24 hours to $40,869.76 and $800,727,128,214. However, the trading volume has printed a 37.11% growth to $14,201,725,314.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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