CoinGecko: US Commands 83% of Global Spot Bitcoin ETF Market

The United States holds a commanding 83.3% share of the global spot Bitcoin ETF market, valued at $41.74 billion, according to CoinGecko experts.

Curious about the countries with spot Bitcoin ETFs?

Spot #Bitcoin ETFs are now incorporated in 11 countries worldwide and traded in just 6 geographical markets. The leading spot Bitcoin ETF markets are the US, Europe, and Canada.

Read the full study: https://t.co/5K0rEwyOZV pic.twitter.com/o3FI10mkTb

— CoinGecko (@coingecko) February 15, 2024

The country has surpassed Canada, which previously led with a 46.3% share.

On January 10, the US Securities and Exchange Commission (SEC) approved the launch of 11 exchange-traded funds based on the spot price of the leading cryptocurrency. Among them was a product from Grayscale, which transformed into an ETF from a Bitcoin trust with AUM of approximately $29 billion.

Canada remains a significant player in the segment with a 7.4% share. Analysts noted that the six funds traded in the country remain “fairly resilient.” The volume of funds in these structures amounts to $3.09 billion compared to $2.79 billion on December 18, 2023. The outflow was “insignificant,” considering the rise in the underlying asset’s price, experts highlighted.

Canada approved spot Bitcoin ETFs back in 2021.

Europe has moved to second place with an 8.8% share. This geographical market boasts the largest number of exchange-traded products based on the spot price of digital gold — 13. The assets in these products reach $3.67 billion.

Globally, there are 33 such Bitcoin ETFs. The first appeared in Europe in 2020: in June, trading began with the German ETC Group Physical Bitcoin, followed by 3iQ The Bitcoin Fund and VanEck Bitcoin ETN.

Grayscale ETF Dominance “Raises Questions”

The largest by asset volume is the Grayscale Bitcoin Trust ETF (GBTC), which has operated as a trust since 2014. The fund’s AUM is $22.8 billion (54.7% of the total).

However, the dominance of GBTC may be in question, given the ongoing withdrawal of funds from the structure, experts believe.

Competitors such as BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin ETF ranked among the top ten largest US ETFs by asset inflows in January. The Grayscale fund was second in terms of net outflows for the month.

In February, the trend continues — GBTC remains in the “red zone.” Its capital has shrunk by ~$6.7 billion.

Bitcoin Spot ETF Flow — 14th Feb 2024

All data in. Another strong day, with +$340m net flow for all the Bitcoin ETFs pic.twitter.com/xy7t1hGhyw

— BitMEX Research (@BitMEXResearch) February 15, 2024

CoinGecko also noted that the top 10 Bitcoin ETFs occupy a disproportionately large market share of 92.7%. This “top ten” includes five funds from the US, three from Europe, and two from Canada.

As reported by CoinGecko, Europe dominates the Ethereum ETF segment with an 81% share, and together with Canada, the figure reaches 98%.

Some experts believe that the SEC will approve exchange-traded products based on the spot price of Ether as early as May.