Spot bitcoin ETF holdings on track to surpass GBTC today

The nine recently approved spot bitcoin exchange-traded funds in the United States are on track to surpass the Grayscale Bitcoin Trust's BTC +0.65% holdings today.

According to K33 Research senior analyst Vetle Lunde, GBTC held 400,186 bitcoins as of yesterday, while the "newborn nine" U.S. spot bitcoin ETFs held 397,847 coins.

They also noted that yesterday's net inflow was 6,965 bitcoins. If this continues, they will outgrow GBTC.

Spot bitcoin ETFs have proven to be a major success in the U.S., with BlackRock's IBIT offering hitting a record daily inflow of $788.3 million on Tuesday — when the combined spot ETFs generated nearly $10 billion of trading volume on the day.

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IBIT has also recently surpassed MicroStrategy's bitcoin holdings, according to BitMEX Research.

At the same time, Flowdesk executives Reed Werbitt and Greg Guttas told The Scoop that such bitcoin ETFs are ushering in a "multi-decade TWAP of buy only."

In other news, the U.S. Securities and Exchange Commission said yesterday that it was extending the time period to decide whether it will approve or disapprove trade options on BlackRock's spot bitcoin ETF until next month.