Thirty-two exchange-traded funds based on various digital assets have accumulated over 1 Nakamoto (~$70 billion) under management, representing about 5% of the total bitcoin supply. This was highlighted by MicroStrategy founder Michael Saylor.
32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC pic.twitter.com/OpHridlymc
— Michael Saylor⚡️ (@saylor) May 27, 2024
As of May 24, US ETFs collectively account for 855,619 BTC. A smaller portion of assets is concentrated in structures across Europe, Hong Kong, Switzerland, and other countries.
According to SoSoValue, the largest product remains Grayscale’s GBTC with assets under management (AUM) of $20 billion. However, it is closely followed by BlackRock’s IBIT, which has accumulated $19.8 billion.
Meanwhile, GBTC is experiencing daily outflows, whereas IBIT is seeing inflows. Over the last trading day, the former lost about $13 million, while the latter increased its AUM by $182 million.
In the broader context, on May 24, American funds recorded inflows for the tenth consecutive day, adding a total of $251 million.
Seven recently launched bitcoin ETFs in Hong Kong collectively hold 5,789 BTC (~$395 million). Despite initial optimism, local crypto products have yet to attract significant investor attention.
On May 23, the SEC approved 19b-4 applications from issuers of spot exchange-traded funds based on Ethereum. Analysts at JPMorgan described the agency’s decision as political ahead of the US presidential elections.
Jeffrey Kendrick, head of research at Standard Chartered, suggested a new phase for crypto ETFs in 2025. In his view, SOL and XRP are next in line.
Matrixport co-founder Daniel Yan also identified Solana as a new contender for launching exchange-traded funds. However, JPMorgan expressed doubts about this development.