The post Spot Bitcoin ETF Inflows Dwarf Gold ETFs’ First Year: Binance Research appeared on BitcoinEthereumNews.com.

Less than a year after their launch, spot Bitcoin ETFs have recorded unprecedented growth, boosting investors’ interest and demand for the largest cryptocurrency. A recent report by Binance Research, the research arm of the global cryptocurrency exchange, revealed that bitcoin ETFs have accumulated over 938,000 BTC, worth $63.3 billion. This figure represents 4.5% of the total circulating supply of bitcoin. Adding the amount held in other similar funds drives the figure to 1.1 million BTC, approximately 5.2% of the circulating supply. Notably, a chunk of the total assets under management (AUM) in these funds had been amassed within the first few months of their launch. However, the report noted that inflows into the funds have remained steady throughout the year, indicating sustained investor interest. Bitcoin ETFs Attract $18.9B Inflows Spot Bitcoin ETFs have fueled demand for the crypto asset over the past few months. As a result, the funds have consistently removed an average of 1,100 BTC per day from the market. Additionally, the funds have recorded positive flows in 24 out of 40 weeks, with the value of inflows surpassing outflows by a wide margin. Over the past 10 months, Bitcoin ETFs have received cumulative flows exceeding $21 billion. Per the report, Bitcoin ETF flows have surpassed the early performance of the first Gold ETF, which currently has an AUM of $130.9 billion. The Gold ETF was considered a huge success when it recorded $1.5 billion in inflows within the first year of its launch in 2005. However, Bitcoin ETF flows have smashed that record, hitting over $21 billion in just 10 months. BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC account for approximately 84% of the total ETF market. Inflows into IBIT constitute a bulk of the net ETF inflows to date. Retail Investors Drive Demand The report pointed…

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Filed under: News - @ October 27, 2024 7:08 pm