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Sujit Kumar
Aug 27, 2024

BlackRock and Grayscale's Bitcoin ETFs Hold Nearly 3% of Circulating Supply

Grayscale's Bitcoin ETFs
BlackRock and Grayscale, two of the largest asset managers, have collectively amassed nearly 3% of Bitcoin's circulating supply through their U.S. spot Bitcoin ETFs. This significant milestone comes after a surge in inflows over the past week, reflecting growing investor interest in these products.

Current Holdings and Recent Inflows

BlackRock's iShares Bitcoin Trust (IBIT) now holds approximately 357,736 BTC, while Grayscale’s GBTC accounts for 227,712 BTC. Together, these ETFs represent 2.97% of Bitcoin’s total circulating supply, according to recent data from Glassnode. Additionally, Grayscale holds 5,962 BTC in its Digital Large Cap Fund and 32,692 BTC in its Bitcoin Mini Trust.

U.S. spot Bitcoin ETFs saw net inflows of $202.6 million yesterday, extending an eight-day streak of investments. Last week alone, these products attracted $543 million, with $252 million of that coming in on Friday, marking the highest single-day inflow since July 22.

Fed Remarks Drive Market Sentiment

The recent surge in Bitcoin ETF inflows was largely driven by comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Policy Symposium. Powell hinted at potential interest rate cuts in the near future, which spurred market optimism. Bitcoin’s price jumped above $64,000 following Powell's remarks but has since retraced to around $62,300, reflecting a 2.6% decline in the past 24 hours. Despite this, Bitcoin remains up 2.9% for the week.

The growing holdings of Bitcoin by BlackRock and Grayscale highlight the increasing institutional adoption of digital assets, influenced by broader economic signals and investor sentiment.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
BlackRock and Grayscale's Bitcoin ETFs Hold Nearly 3% of Circulating Supply
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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