Stock marketable bitcoin investment products include more than 800.000 bitcoins under their management, according to Vetle Lunde, an analyst at Arcane Research.
“Exchange-traded bitcoin-linked investment vehicles now have 800.000 BTC under management, which is equal to 4.3 percent of the bitcoins in circulation.”
Bitcoin investment funds have absorbed more than 100.000 bitcoins since the beginning of the year.
In total, these investment funds are valued at more than $46 billion, at current prices. Digital investment giant Greyscale holds the top spot, holding 82% of this market.
The company holds a total of $41 billion in digital assets, according to the latest Greyscale report released Friday. The lion’s share of them is held by the Bitcoin Trust, worth about $34.7 billion. It is followed by the Ethereum Trust which incorporates years’ worth about $5.17 billion.
Lunde notes that “nevertheless, with the three new ETF approvals in Canada, Greyscale’s market dominance is declining.”
Trading Funds (ETFs) are investment products that follow the prices of the digital components to which they are linked and are directly traded on traditional trading platforms. Thus, bitcoin ETFs allow institutional investors to invest in bitcoin, without actually owning bitcoin.
However, for the time being, in the United States, the Securities and Exchange Commission (SEC) has not approved any of the ETF applications that have been filed in recent years, so these products are not yet available in the United States.
In Canada, the three bitcoin ETFs that have been approved so far have a market share of 2.5%, just a few weeks after their approval.
Recall that three bitcoin ETF applications submitted by Fidelity Investments, SkyBridge Capital, and VanEck are pending approval by the US Securities and Exchange Commission (SEC).