The Bitcoin ETFs were approved back in January 2024. This allowed more institutional investors to join the Bitcoin train. It was a long overdue decision by the SEC, and it took a court decision to basically force the SEC to approve Bitcoin ETFs.
For those unaware Grayscale probably has the highest contribution for the approval of the Bitcoin ETFs. Grayscale started their Bitcoin trust way back in 2013. This trust was basically the only way for institutions to get some Bitcoin exposure. The way it worked is that the trust was sort of proxy for Bitcoin, but it was not directly convertible to Bitcoin. Because of this the Grayscale trust shares were often trading at different prices than Bitcoin. Grayscale grew over time and before the approval of the ETFs it had more than 600k Bitcoins or more than 3% of the Bitcoin supply.
Grayscale wanted to convert the trust into ETF for a long time. The SEC was not allowing this, Grayscale sued the SEC and the court decided that the SEC needed to approve Grayscale application for ETF. The decision of the court was back in August 2023 and in January 2024 the SEC approved the Bitcoin ETFs.
With this short history of the Bitcoin ETFs approval process let’s take a look at the data since that happened.
Here we will be looking at:
- Daily ETF Flows
- ETF Flows Breakdown by Fund
- Cumulative ETF Inflows
- ETF Holdings by Fund
- Top ETFs
- Top Holders Change
The data presented here is mostly gathered from Dune Analytics.
Daily BTC ETFs Inflow
Here is the chart for the cumulative daily inflows.
As we can see, most of the days the bars are in the positive. There was a peak back in February 2024 and again in November 2024.
In 2025 we can see a downtrend in March, especially at the end of February, then somewhat increase during the summer and a spike in the last days again.
Cumulative Bitcoin ETFs Holdings
When we plot the daily inflows we have this:
We can notice that the chart didn’t started at zero but at 620k BTC. This is because of the Grayscale holding in the trust that were converted to ETFs when they were approved.
After the initial start and growth in January 2024 we can notice a somewhat side action in the next months of 2024, and again a growth at the end of 2024. A small drop in April 2025 during the tariff wars and again at the end of 2025, and a growth since then.
Overall we can see that the amount of BTC in the ETFs keeps growing, with small dips in between, and starting from the 620k back in January 2024, we are now at 1.4M BTC in the ETFs after two years. That’s quite the growth!
On a monthly basis the data looks like this:
February 2024 has been by far the month with the most aggressive accumulation of Bitcoin for the ETFs.
Positive numbers in O4 2024 as well and the biggest drawback in February 2025. Augst and November of 2025 were week moths for the ETFs, but overall more months in the positive than negative.
When we breakdown the old and the new coins in the BTC ETFs we get this chart:
From here we can notice that the amount of new Bitcoins in the ETFs has been growing but it’s still lower than the starting point. At the start there was 620k BTC and now we are at 1.4M BTC. This is a growth of 800k more Bitcoins accumulated in the ETFs, and it has basically doubled since the beginning. It should be noted that it’s just been one and a half year for the BTC ETFs, while Grayscale was accumulating the 620k for 10 years. We are very early in the BTC ETF era, and I expect these numbers to increase as years pass, but it will take time.
BTC ETF by Fund
When we breakdown the cumulative amount of Bitcoin in the ETFs by fund we get this:
From here we can clearly see the dominant position of Grayscale at the start and how they have reduced their size in time. Blackrock has been accumulating a lot in the meanwhile and is now the largest BTC ETFs holder. In the last period the selling of from Grayscale have slowed down and it has even slightly increased.
Fidelity is in the third spot when it comes to BTC ETFs and the top three hold almost 90% of the ETFs.
The chart for Blackrock only looks like this:
An aggressive start from Blackrock from the very beginning and somewhat flattening in the summer 2024, growth again towards the end of 2024, and slow down in the start of 2025 and growth again after April. More than 800k BTC in BlackRock ETFs now.
BlackRock VS Grayscale
When we plot the holdings of these two, we have this.
Almost inverse pattern, where the amount of BTC ETFs in Grayscale has been going down, and in BlackRock up. BlackRock has overtaken Grayscale back in June 2024 and now is leading by a lot.
A total of 820k BTC held by BlackRock vs 180k by Grayscale. Even Fidelity has overpassed Grayscale in the last period and now Grayscale is at the third spot.
Top BTC ETFs Holders
The chart for the top BTC ETFs holders as of February 2026 looks like this:
BlackRock is now dominant with 820k BTC, then comes Fidelity with 205k BTC and Grayscale on the third spot with 180k BTC.
When we plot the chart as a pie, we get this:
From here we can see the share of each individual ETF, and we can notice that the top three are dominant, holding 82% of the BTC ETfs.
Overall, we can conclude that the ETFs are holding well during this dip, and they seems to be slow and constant buyer with some small dips in between.
