According to a study by CoinGecko, Bitcoin spot ETFs and Bitcoin futures ETFs, including Grayscale’s GBTC fund, hold 3,8% of the maximum BTC supply.
In the study titled “Including GBTC, ETFs Hold 3.8% of Max Bitcoin Supply”, CoinGecko analysts noted that Bitcoin spot ETFs and futures ETFs listed on exchanges around the world, including the private fund Grayscale Bitcoin Trust (GBTC), They own around 793.034 BTC, which represent 3,8% of the cryptocurrency's maximum supply of 21 million units.
CoinGecko said that the majority of bitcoins held in ETFs are concentrated in four exchange-traded funds, two of which are based on BTC futures contracts and the other two are tied directly to the actual market price of Bitcoin.
These ETFs are the XBT Bitcoin Tracker One (COINXBT), which was approved in Sweden in 2015; ProShares Bitcoin Strategy ETF (BITO), which was approved for listing on the New York Stock Exchange; Purpose Bitcoin ETF (BTCC), approved in Canada; and the ETC Group Physical Bitcoin (BTCE), listed on the German stock exchange.
Source: CoinGecko
Preference for crypto derivatives
In the study in question, CoinGecko highlighted that investors have been showing a Greater preference for cryptocurrency derivatives, so the investment funds COINXBT and BITO, which are based on Bitcoin futures contracts, concentrate the largest amount of BTC held by the ETFs. These exchange-traded funds have $7.114 billion and $1.637 billion dollars, respectively.
Meanwhile, the BTCC and BTCE spot Bitcoin ETFs, which rank as the third and fourth largest Bitcoin ETFs, hold $1.550 billion and $1.187 billion, respectively.
Of the 20 ETFs listed by CoinGecko in its report, 14 are spot ETFs and only account for 38,4% of total assets; while the remaining 6 ETFs on the list are based on BTC futures contracts and account for 61,6% of total assets.
“This perhaps indicates that traditional finance is leaning towards derivatives for exposure to Bitcoin, rather than Bitcoin itself.”, pointed out the platform.
Bitcoin futures ETFs are funds that do not hold bitcoins directly, but instead invest in futures contracts based on the cryptocurrency.
Grayscale Bitcoin Trust Leads Bitcoin Investment
Another important point highlighted by CoinGecko analysts, in relation to the amount of BTC held by investment funds, is the participation of Grayscale Investments.
The digital asset management firm holds the largest Bitcoin stake, even surpassing the total value of the combined Bitcoin held by ETFs. According to the platform, the 20 largest Bitcoin spot and futures ETFs hold a total of $20.160 billion. Meanwhile, Grayscale holds 622.657 BTC in the Grayscale Bitcoin Trust (GBTC), whose value amounts to a total of $27.140 billion dollars.
In addition to this, the American digital asset management company is awaiting approval from the Securities and Exchange Commission (SEC) to convert its private investment fund GBTC into a Bitcoin spot ETF, which is listed on the stock exchange. This move could increase investor demand for BTC, according to estimates by several experts.
MicroStrategy, the 2nd largest BTC owner
After Grayscale Investments, MicroStrategy is the second largest Bitcoin holder in the world. The business intelligence firm recently acquired another 100,000 Bitcoins. 14.620 BTC, raising their holdings totaling 189.150 BTC.
Source: CoinGecko
Bitcoin ETFs are listed as the fourth largest holder of the cryptocurrency in the world, after Jack Dorsey's Block, which is in third place. However, according to the platform, this reality could change in the future, as the approval of a spot ETF in the United States could accelerate the adoption of BTC at an institutional level.
According to experts, more and more investors are giving the thumbs up to Bitcoin and digital assets as institutional investment alternatives, so it is possible to see a strong performance of this class of digital assets and a significant increase in the amount of bitcoins managed by ETF providers in 2024.
Continue reading: Deadline for possible Bitcoin ETF approval is approaching
