Spot Bitcoin ETFs Gain 124,000 BTC in 87 Days Driven by Institutional Demand

Spot Bitcoin ETFs in the United States have shown remarkable growth in both assets under management (AUM) and trading activity through 2025. Over an 87-day period, the total AUM for these ETFs, excluding the Grayscale Bitcoin Trust (GBTC), increased by approximately 124,000 BTC. This surge in AUM indicates a strong influx of capital into the market, with daily net additions averaging about 1,430 BTC, reflecting persistent institutional demand for regulated Bitcoin exposure.

BlackRock’s iShares Bitcoin Trust (IBIT) was a significant contributor to this growth, expanding its holdings from 576,000 BTC to 694,000 BTC since early April. As of June 28, 2025, IBIT reported $74.53 billion in AUM, daily trading volumes of $2.17 billion, and 1.22 billion shares outstanding. The fund’s expense ratio stood at 0.25%. Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked second, managing $21.35 billion in AUM and recording 226.90 million shares outstanding. FBTC posted a daily trading volume of $205.23 million and matched IBIT’s expense ratio.

While BlackRock and Fidelity absorbed the largest inflows, other issuers such as Bitwise, Ark Invest/21Shares, WisdomTree, Valkyrie, and Franklin contributed steadily but held smaller allocations. The increase in spot Bitcoin ETF AUM was faster in the first half of 2024, then stopped growing and regained encouragement in early 2025. According to the cumulative AUM, it exceeded 1,056,000 BTC in June, and no major drawdowns were recorded.

The total all-day trading volume across the wider ETF market was $2.82 billion, and the AUM mixture was $135.26 billion. Additional top products included the ARK 21Shares Bitcoin ETF (ARKB) with $4.88 billion in AUM, the Bitwise Bitcoin ETF (BITB) with $4.22 billion, and the Grayscale Bitcoin Trust ETF (GBTC), which managed $19.79 billion and had an expense ratio of 1.50%. The sector featured a range of expense ratios, from BITB at 0.20% to BITO at 5.37%.

Throughout the observed period, sustained allocations and consistent net inflows displayed ongoing institutional confidence in spot Bitcoin ETFs. No major withdrawals occurred, signaling the growing presence of these products within U.S.-regulated financial markets. The approval of spot Bitcoin ETFs by the Securities and Exchange Commission in January 2024 marked a pivotal moment for the crypto industry, providing a compliant and convenient way for investors to gain exposure to Bitcoin without the need for direct ownership or specialized cryptocurrency accounts. This regulatory approval has drawn significant capital from various investor segments, including hedge funds, pension funds, and sovereign wealth funds, who are now able to operate within their mandates while accessing a highly successful investment opportunity.

The growth in AUM for spot Bitcoin ETFs is also indicative of the shifting investment landscape, where capital is flowing from traditional asset classes such as bonds, equities, and real estate into digital assets like Bitcoin. This trend is driven by the fixed supply of 21 million Bitcoin, which is expected to make the digital asset more widely held in the future. According to the analyst's forecast, Bitcoin could reach $13 million per unit by 2045, implying a 129-fold gain from its current price. This forecast is based on the assumption that 7% of global wealth will eventually find its way into Bitcoin, driven by strong demand and the digital asset's unique features.

The strong asset growth and trading activity in spot Bitcoin ETFs also highlight the resilience of the Bitcoin market despite global market uncertainty and geopolitical tensions. Bitcoin is on track to finish the second quarter of 2025 with a return of nearly 30%, demonstrating its ability to maintain sustained market engagement and attract investment even in challenging economic conditions. This performance is particularly noteworthy given the weakest monthly growth in Bitcoin since July 2024, as whales and smaller holders lean toward selling despite continued ETF inflows.

In summary, the strong asset growth and trading activity in spot Bitcoin ETFs through 2025 reflect a growing interest and investment in Bitcoin as a regulated and accessible investment vehicle. The approval of spot Bitcoin ETFs has drawn significant capital from various investor segments, while the unique features of Bitcoin and its fixed supply are expected to drive further demand and price appreciation in the future. Despite global market uncertainty and geopolitical tensions, Bitcoin has maintained sustained market engagement and delivered strong returns, underscoring its resilience and potential as a long-term investment opportunity.