The surge in net assets comes as the financial products receive significant net inflows.
The total net asset value (NAV) of all US spot Bitcoin exchange-traded funds (ETFs) has exceeded $58 billion, reflecting significant investment capital inflows into the products. According to data from SoSoValue, the combined NAV of these investment vehicles currently stands at approximately $58.36 billion.
In this case, the net asset value represents the total value of all bitcoin these ETFs hold divided by the number of outstanding shares. In simpler terms, it reflects the actual worth of each ETF share. So, the $58.36 billion NAV signifies the combined value of all the bitcoin held by these ETFs, divided by the total number of shares issued.
$505M Net Inflows
The surge in net assets comes as the financial products received a combined $505 million net inflows on March 11.
The SoSoValue data shows that BlackRock’s iShares Bitcoin Trust (IBIT) maintained its dominance amongst these products, receiving the highest inflow on that day at $562 million. Trailing IBIT is Fidelity Wise Origin Bitcoin Fund (FBTC) with $215 million and VanEck Bitcoin Trust (HODL) with $118 million.
Other ETFs that received inflows include Bitwise Bitcoin ETF (BITB) with $49 million, Valkyrie Bitcoin Fund (BRRR) with $43 million, ARK 21Shares Bitcoin ETF (ARKB) with $13 million, and WisdomTree Bitcoin Fund (BTCW) with $5 million.
Grayscale Sell-off Not Over Yet
While these seven products have experienced inflows, two others saw outflows. According to SoSoValue, Grayscale’s Bitcoin Trust (GBTC) saw a net outflow of $494 million, while Invesco Galaxy Bitcoin ETF (BTCO) saw a smaller outflow of $9 million.
Such outflow has not been uncommon for GBTC, which has seen consecutive net outflows since it started trading on January 11. Analysts have attributed this pattern to the product’s higher management fees compared to its peers.
The SoSoValue data shows that with the latest inflows, spot Bitcoin ETFs now have a cumulative total net inflow of $10.09 billion after 41 days of trading.
