Asset managers BlackRock and Grayscale now hold almost 3% of the circulating supply of Bitcoin in their U.S. spot Bitcoin ETFs, after inflows picked up over the past week.
BlackRock’s iShares Bitcoin Trust (IBIT) now holds 357,736.76150 BTC, while Grayscale’s GBTC holds 227,712.3295 BTC. The two ETFs between them now account for 2.97% of Bitcoin’s circulating supply, based on the most recent figures from Glassnode. In addition, Grayscale also holds a further 5,962 BTC in its Digital Large Cap Fund and 32,692.0926 BTC in its Grayscale Bitcoin Mini Trust.
U.S. spot Bitcoin ETFs pulled in $202.6 million in net inflows yesterday, continuing an eight-day run of inflows for the investment products. Inflows totaled $543 million last week, with the bulk of that coming in on Friday—which saw Bitcoin ETFs draw in $252 million, their highest inflows since since July 22.
Per CoinShares, digital asset investment products saw inflows hit a five-week high last week, driven largely by hints from Federal Reserve Chair Jerome Powell that an interest rate cut is on the horizon.
“The majority of those inflows were on Friday, following the dovish comments from Jerome Powell, indicating Bitcoins sensitivity to interest rate expectations,” CoinShares analyst James Butterfill wrote Monday.
Speaking at this year’s Jackson Hole Economic Policy Symposium in Wyoming, Powell said that, “The time has come for policy to adjust,” adding that, “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
The price of Bitcoin surged Friday on Powell’s remarks, to levels over $64,000. BTC has since cooled somewhat with a pullback to around $62,300, down 2.6% in the past 24 hours, per data from CoinGecko. It remains up on the week by 2.9%, however.
Edited by Stacy Elliott.
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Source: https://decrypt.co/246541/blackrock-and-grayscale-etfs-hold-nearly-3-of-all-circulating-bitcoin
