With the US SEC on the verge of approving ether-based exchange-traded funds (ETFs), attention has shifted to the rapidly rising Bitcoin tracking instruments. Leading products in this arena include BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC), all of which have delivered stellar market returns. This favorable trend is widely acknowledged in financial circles and analyzed by Wall Street as a significant financial movement.

Though still in its infancy, U.S. spot Bitcoin ETFs have been around for exactly five months and thirteen days. Last Tuesday, these ETFs saw impressive performance, with $305.7 million in positive flows, marking seven consecutive days of gains.

BlackRock’s IBIT stood out, accounting for 94.86% of total flows, or over $280 million. Fidelity’s FBTC also attracted nearly $26 million by picking up past favorites, while other Bitcoin ETFs remained static with no inflows or outflows.

A contest is ongoing to determine which entity holds the most bitcoins in circulation. Currently, BlackRock’s IBIT holds 281,883.90 BTC, trailing Grayscale’s Bitcoin Trust, which holds 289,511.90 BTC. The gap for IBIT is just 7,628 BTC, or $536 million, allowing it to potentially become the new leader.

Only IBIT, GBTC, and FBTC hold more than 100,000 BTC. Fidelity’s FBTC holds 159,548.77 BTC, worth about $11.21 billion.

BlackRock’s IBIT has attracted almost 414 institutional investors, making it the primary reference for large investors and positively impacting bitcoin demand. Bloomberg Senior Analyst Eric Balchunas expressed amazement at this, noting the rapid increase from 20 investors at launch to 414 in just three months as highly unusual. Competitors like the Bitwise Bitcoin ETF and the ARK 21Shares Bitcoin ETF have not seen similar investor interest.

Millennium Management LLC is the top investor in IBIT, holding 20,859,447 shares worth $844 million. Schonfeld Strategic Advisors LLC follows with $248 million in shares. The Wisconsin Investment Board has also invested, buying shares worth 2,450,400.

Meanwhile, Grayscale Bitcoin Trust, with 619 institutional investors, recently changed its status to a spot bitcoin ETF, renewing its activities.

By May 16, 2021, IBIT managed over 276,190 Bitcoins, valued at more than $18 billion. This week, investments in US Bitcoin ETFs totaled $948.3 million. BlackRock CEO Larry Fink, a prominent Bitcoin supporter, highlighted IBIT’s exponential growth, suggesting that Bitcoin is gaining significant popularity and recognition in the global financial industry.