U.S. Bitcoin ETFs are eroding global Bitcoin ETP market share

Despite Grayscale GBTC holding the largest BTC reserves, BlackRock’s Bitcoin ETF IBIT remains the top choice for institutions.

The U.S. Bitcoin ETFs have been hugely successful in the first three months since their launch, making them one of the most popular Bitcoin investment products on the market right now. Shortly after its launch, spot Bitcoin ETFs have begun to erode market share of global Bitcoin exchange-traded products (ETPs).

As of now, the newly launched Spot Bitcoin ETF has reserves of 827,321 BTC. Despite massive outflows, Grayscale Bitcoin ETF GBTC still holds the highest share with 291,815 BTC, however this share has decreased by 50% since its launch. BlackRock’s iShares Bitcoin Trust (IBIT) is the second largest holder, with 274,320 BTC in reserves.

Additionally, the Fidelity Wise Bitcoin ETF has accumulated reserves of 152,880 BTC. Meanwhile, the Ark 21Shares ETF (ARKB) has gained 43,470 BTC, while the Bitwise Bitcoin ETF (BITB) holds 33,942 BTC in its fund. The VanEck Bitcoin Trust (HODL) has accumulated reserves equivalent to 9,305 BTC.

In comparison, the Valkyrie BTC ETF (BRRR) has seen inflows of 8,105 BTC, while the Invesco Galaxy Bitcoin ETF has gained reserves of 6,633 BTC. Conversely, Franklin Templeton’s EZBC has gained 6,003 BTC since its launch. Additionally, WisdomTree and Hashdex Bitcoin ETF gained 1,120 and 178 BTC respectively.

BlackRock’s IBIT remains the first choice for institutions

While Grayscale’s GBTC remains the largest Bitcoin ETF, BlackRock’s IBIT remains the top choice among institutions, garnering investments from 168 asset managers globally. Hong Kong-based Wing Wing Asset Management Ltd holds the highest stake in IBIT, valued at $40.51 million.

Another Hong Kong-based firm, Ovata Capital Management Ltd., also holds a sizable stake in BlackRock Inc.'s IBIT, worth $9.7 million. This shows that BlackRock Group’s Bitcoin fund is not only popular among U.S. players, but also globally.

For example, leading Swiss asset management companies Lombard Odier Darier Henstsch and Belle Capital AG invested US$1.57 million and US$1.03 million respectively in IBIT.

In addition, some top financial banking institutions have also been looking to invest in spot Bitcoin ETFs. Banking giant BNY Mellon said it invested in BlackRock Group and Grayscale’s spot Bitcoin ETF product. Likewise, BNP Paribas, Europe’s second-largest banking institution, has invested in a spot Bitcoin ETF.

According to data from SoSo Value, net outflows from Bitcoin spot ETFs reached $15.6439 million on May 7. Among them, Grayscale ETF GBTC experienced a net outflow of $28.613 million on the same day.

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