The US has reportedly captured 83% of the Spot Bitcoin ETF market, overtaking Canada. This, according to an update from CoinGecko.
Spot Bitcoin exchange-traded funds (ETFs) are “incorporated in 11 countries worldwide and traded in just 6 geographical markets,” the team at CoinGecko noted.
CoinGecko added that countries where spot Bitcoin ETFs “are incorporated are: G20 countries US, Canada, Germany, Brazil and Australia, the tax havens Bermuda, Jersey, Switzerland, Liechtenstein and Guernsey, as well as the sole Asia country of Malaysia. Hong Kong could be the next country with a spot Bitcoin ETF, with regulators there prepared to receive applications.”
As explained in the CoinGecko report, the primary markets “for spot Bitcoin ETFs are the US, Europe and Canada, while smaller spot Bitcoin ETF markets have emerged in Brazil, Australia and Malaysia.”
The US has established itself “as the top country for spot Bitcoin ETFs, with $34.78 billion in combined assets across the 10 spot Bitcoin ETFs approved early this year.”
The report added that the US now “represents an overwhelming 83.3% of the $41.74 billion global spot Bitcoin ETF market, surpassing Canada which had previously led with 46.3% in market share.”
Nevertheless, Canada is still, according to the CoinGecko research report, “a major player in the global spot Bitcoin ETF market, with the second largest market share of 7.4%. Canada’s 6 spot Bitcoin ETFs remain resilient at a combined asset size of $3.09 billion, compared to the $2.79 billion combined assets on December 18, 2023.”
This indicates the country’s net spot Bitcoin ETF outflows “were moderate but not significant, after taking into account BTC price increase.”
The CoinGecko research team pointed out that Europe also “continues to be a key spot Bitcoin ETF market, sitting at a collective $3.67 billion asset size or 8.8% of global market share.”
Europe has the most number of spot Bitcoin ETFs available, “with the 13 ETFs incorporated in Jersey, Guernsey, Germany, Switzerland and Liechtenstein.”
There are a total of 33 spot Bitcoin ETFs “offered worldwide currently, with a combined $41.74 billion in total assets.”
The report noted that this means that “around 839,323 BTC are held in spot Bitcoin ETFs currently, or 4% of maximum Bitcoin supply.”
As stated in a blog post by CoinGecko, Grayscale Bitcoin Trust (GBTC) is “the biggest spot Bitcoin ETF with $22.83 billion in total assets. GBTC alone represents more than half of the global spot Bitcoin ETF market, at a 54.7% market share. However, GBTC’s dominance may be challenged amid continued net outflows, including the upcoming Genesis sale of 35 million GBTC shares.”
In total, the top 10 spot Bitcoin ETFs account “for a disproportionate 92.7% global market share. Besides GBTC, other spot Bitcoin ETFs leading with billions in total assets are: iShares Bitcoin Trust (IBIT) at $5.19 billion, Fidelity Wise Origin Bitcoin Fund (FBTC) at $3.93 billion, Purpose Bitcoin ETF (BTCC) at $1.60 billion, ETC Group Physical Bitcoin (BTCE) at $1.25 billion and ARK 21Shares Bitcoin ETF (ARKB) at $1.13 billion.”
Out of the top 10 spot Bitcoin ETFs, 5 are from the US, 3 from Europe and 2 from Canada.
The report also mentioned that “the first 3 spot Bitcoin ETF products were launched in 2020, during the early stages of Bitcoin’s highest profile bull run. Germany’s ETC Group Physical Bitcoin was the earliest spot Bitcoin ETF product to start trading in June 2020, followed by 3iQ The Bitcoin Fund and VanEck Bitcoin ETN towards the end of the year.”
While Grayscale Bitcoin Trust launched years earlier “in 2013 and is the longest-running active spot Bitcoin ETF, it only converted from a unit trust to an ETF structure in 2024.”
14 spot Bitcoin ETFs were “launched in 2021, making it the most popular year for spot Bitcoin ETFs to date. In particular, 6 of the ETFs were launched in Q2, after the first peak in the 2021 Bitcoin mania.”
2022 and 2023 saw another 3 spot Bitcoin ETFs “launched in each year, which brought mainstream crypto exposure to new markets in Australia and Malaysia. However, the 2022 and 2023 spot Bitcoin ETFs have yet to see major inflows and rank among the smallest by asset size.”
Highly anticipated US approvals “brought 9 new spot Bitcoin ETFs to the global market in 2024. It remains to be seen if additional spot Bitcoin ETFs will be launched in other markets this year.”
Methodology
The study shared by CoinGecko examined active spot Bitcoin exchange-traded funds (ETFs) worldwide, “which includes exchange-traded products (ETPs) that are physically backed by Bitcoin holdings.”
The spot Bitcoin ETFs’ total assets in USD “were based on latest available Bloomberg and public data as of February 15, 2024.”