Record High for US Bitcoin ETFs

The twelve US-based spot bitcoin exchange-traded funds have set a new record, logging the highest total net asset value since their launch in January.

Summed together, the funds now hold over $66.1 billion worth of bitcoin, according to SoSoValue data, surpassing the prior record of $62.6 billion from early June. The value held in the ETFs represents 4.89% of bitcoin's total market cap.

The funds had their best trading week for inflows since early March, recording inflows worth over $2.1 billion in their fourth-best week yet and extending their ongoing inflow streak to six days.

The recent rise in bitcoin's price also helped the funds set the new record value; the price of the world's largest cryptocurrency has risen about 12% from its value on Oct. 10 to hit its current price of over $68,000, inflating the value of each ETF. Altogether, the value of the bitcoin held by the funds has risen by about $11 billion since the close of trading on Oct. 10, the last trading day a net outflow was recorded. BlackRock's IBIT ETF alone accrued over $3 billion in asset value over the same timespan, the largest individual gainer.

The funds' cumulative inflows crossed the $20 billion mark on Wednesday, a metric that Bloomberg senior ETF analyst Eric Balchunas called "the most difficult" in the ETF world. “For context, it took gold ETFs about five years to reach the same number,” Balchunas wrote on X.

The SEC recently gave "accelerated approval" for exchanges NYSE and Cboe to list options trading for several of the ETFs: the Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, the Franklin Bitcoin ETF, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Fund, the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, the Bitwise Bitcoin ETF, the iShares Bitcoin Trust ETF, and the Valkyrie Bitcoin Fund. The timeline for the actual listings remains unclear.