In this week’s issue of Coin Metrics’ State of the Network, we reflect on the remarkable success of spot Bitcoin ETFs as they mark their 1-year anniversary, revisiting their flows, standout issuers, and market-shaping impact.
Key Takeaways:
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In year one, Bitcoin ETFs attracted $115B AUM, $32B in net inflows, and now hold ~5.7% of Bitcoin’s supply.
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BlackRock’s iShares Bitcoin ETF dominates with 540K BTC, while Grayscale’s holdings declined as investors shifted to lower-cost options.
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Bitcoin ETFs have driven institutional adoption, redefining market structure and cementing Bitcoin’s role as a mainstream asset.
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