Bitcoin Spot ETF Landscape Overview: A Deep Dive into the Market Dynamics Using 2Q24 13-F Filings

The latest 13-F Filings were released on August 14, 2024. These reports, which every investment manager who oversees at least $100 million in assets must file with the US SEC every quarter, listed the top managers' holdings in U.S. publicly traded securities, including Exchange-Traded Funds, in the second quarter of 2024.

The latest 13-F Filings were filed on August 14, 2024. These reports, which every investment manager who oversees at least $100 million in assets must file with the US SEC every quarter, provide insight into the top managers’ holdings in U.S. publicly traded securities, including Exchange-Traded Funds, in the second quarter of 2024. Among the important trends revealed by the reports, one of the most prominent was the revelation that in the latest quarter a sharp increase in the institutional ownership of US Spot Bitcoin ETFs was witnessed compared to the previous quarter.

What does this new trend attempt to communicate to the Bitcoin Spot ETF sector? Here what we are going to do is to analyse the prominent developments, which happened in the Bitcoin Spot ETF sector in the second quarter of 2024 using all the available data sources.

Why should we do such an analysis? Growing confidence in the US Spot Bitcoin reflects growing confidence in Bitcoin. Let’s understand the market dynamics of Bitcoin with the help of Bitcoin Spot ETFs. Are you ready? Then, let’s start!

Bitcoin Spot ETF Landscape: An Overview

The total market of Bitcoin Spot ETFs is around $76.47B. Grayscale is the top player with a market cap of $32.98B. BlackRock closely follows with a $23.58B market cap.

The below given is the list of top Bitcoin Spot ETFs arranged considering market cap.

Apart from Grayscale and BlackRock, other prominent Bitcoin Spot ETFs are Fidelity, Ark/21 Shares, Bitwise, VanEck, Valkyrie, Franklin Templeton and WisdomTree.

Fidelity displays a market cap of $12.04B. Ark/21 Shares and Bitwise follow with $3.38B and $2.59B respectively. The market cap values of other ETFs range between $749.18M and $87.81M. Among the ETFs that fall inside the range, VanEck is the topmost one, and WisdomTree is the weakest.

Bitcoin ETF Net Inflow & Net Assets Analysis

As of today, the total daily net inflow of Bitcoin Spot ETFs is $36.01M. And, the total net assets value is $54.35B.

In late January 2024, the net assets value was just $25.28B. At the time the price of Bitcoin was nearly $39,880.60. As the price of BTC started to climb, the value of total net assets also followed the trend naturally. The value reached a peak of $60.96B on 13th March. At that time, the BTC price also made a milestone crossing $73,000. Since then, the value of total net assets has remained in a range between $47.08B and $63B.

This year, we have witnessed several periods of consistent outflow: between 22nd Jan and 25th Jan, 18th March and 22nd March, 12th April and 18th April, 24th April and 2nd May, 13th June and 24th June, and most recently between 2nd August and 6th August.

Among these periods of consistent outflows, the most bitter was the one witnessed between 24th April and 2nd May. During this period, the value of total net assets dropped from $53.65B to $48.48B. On 1st May, the outflow was so intense that it pushed the value down to $47.08B, though it slightly recovered the next day. The daily total net inflow on 1st May was around -563.77M.

During the period of continuous outflow between 13th June and 24th June, the value of total net assets fell from $58.53B to $51.53B.

This year, the net inflow scenario was largely positive in nature. Between 25th January and 15th March, a strong positive sentiment was observed. On 12th March, the daily total net inflow of Bitcoin Spot ETFs was as high as $1.05B. The second highest daily total net inflow was recorded on 4th June.

This month – August 2024, the Bitcoin Spot ETF market showed poor performance in terms of daily total net inflow. A period of consistent outflow was developed between 2nd August and 6th August. The highest inflow of the month was $1

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