With the Grayscale Bitcoin Trust excluded, a record $1.1 billion poured into spot bitcoin ETFs on Tuesday. According to statistics from JPMorgan, BlackRock, the market leader in spot bitcoin ETFs, saw a record-breaking $849 million in inflows on Tuesday.
As of this writing, the total value of all spot bitcoin ETFs is $31.1 billion (without including Grayscale's), with that number rising to approximately $59 billion when Grayscale's bitcoin ETF is included.
When calculating the flow of bitcoin ETFs, Grayscale is typically left out because the company had over $20 billion in assets when it turned its OTC trust into an ETF.
After Grayscale and BlackRock, the largest spot bitcoin ETFs are Fidelity's FBTC and the Ark/21 Shares Bitcoin ETF, with $9.1 billion and $2.8 billion in assets under management, respectively, as of March 12, respectively.
Issuers of exchange-traded funds (ETFs) have started offering fee waivers for a set amount of time after the ETF launch in an effort to attract bitcoin investors.
Thus far, BlackRock has emerged victorious. Overtaking MicroStrategy's 205,000 bitcoin holdings, the firm's bitcoin ETF currently owns 215,625 bitcoin.
The demand from the ETFs has been so high that the supply of newly produced bitcoin, which is just 6,300 each week, is unable to keep up, driving up prices. When the bitcoin halving event happens next month, the supply will be much lower. Following the halving event, the weekly Bitcoin minting rate will drop to 3,150.
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