Two weeks ago we went from no real Bitcoin ETFs to ten such funds in the US.
Of course, the largest of them, Grayscale Bitcoin Trust (GBTC), has been around for a long time with a different structure. But it's still a step forward.
These products are now dotted Bitcoin ETFs. This means that they are backed by real Bitcoins, which are owned by the ETF's operators. When these ETFs receive new money, they turn around and use it to purchase coins.
The question is how many coins will be in these Bitcoin funds two weeks after launch.
The answer is approximately 637,000 BTC. This is about 3% of the total number of Bitcoins.
Is this too much?

Well, in its previous form, the Grayscale Bitcoin Trust already held about 635,000 BTC at its peak... so the net effect of these new ETFs is small. And in fact, GBTC alone still represents 2.4% of the total Bitcoin held in the ETF.

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