Two years after their approval, spot Bitcoin Exchange Traded Funds (ETFs) remain a defining feature of the cryptocurrency market. As of late February 2026, these funds collectively hold approximately 1.26 million BTC, making ETFs some of the largest institutional holders of Bitcoin globally.
While 2024 and 2025 were defined by steady accumulation, 2026 has started off unevenly. Mid-quarter data now shows the first net reduction in total BTC held by spot ETFs since launch. BlackRock’s Bitcoin ETF, the largest on the market, led the early-2026 pullback with a decline of roughly 19,300 BTC, while other major issuers, including Grayscale and Fidelity, also recorded net outflows.
Using quarterly on-chain data and official AUM (Assets Under Management) figures, our team at BestBrokers analysed how Bitcoin and Ethereum ETFs have evolved since 2024, highlighting the shifting flow dynamics and the structural implications for institutional crypto exposure.
BlackRock: Leading the BTC ETF Market
BlackRock, the world’s largest and most reputable asset manager, has steadily increased its Bitcoin holdings through its iShares Bitcoin Trust (IBIT), one of 11 spot Bitcoin ETFs approved by the United States Securities and Exchange Commission (SEC). IBIT provides institutional and retail investors with a fully regulated vehicle to gain exposure to Bitcoin without directly holding the cryptocurrency, allowing BlackRock to build its Bitcoin position strategically over time.
Since launch, BlackRock’s Bitcoin holdings rose from 303,935 BTC in Q2 2024 to 757,130 BTC as of 23 February 2026, a 149% increase from its initial post-approval level. While BlackRock drove much of the sector’s net accumulation throughout 2024 and 2025, early 2026 marked a turning point. IBIT recorded its first sustained mid-quarter contraction, shedding approximately 19,345 BTC in February alone.
‘BlackRock’s Bitcoin ETF has been a magnet for institutional accumulation since launch, but the mid-quarter outflows in early 2026 suggest investors are beginning to rebalance their positions amid broader market volatility and recent BTC price fluctuations. If these dynamics persist into March, Q1 2026 could close as the first quarter in which ETF holdings decline rather than expand, a meaningful shift in institutional behaviour.’
– Alan Goldberg, Analyst at BestBrokers
Total BTC Owned by ETFs
Since Q2 2024, total Bitcoin holdings across all U.S.-approved spot ETFs have risen from 851,499 BTC to over 1.3 million BTC. Holdings peaked at 1,309,895 BTC in December 2025 before easing slightly to 1,303,093 BTC in January 2026, and dropping to 1,260,431 BTC as of February 23, 2026, marking the first broader contraction since the SEC approval.
The quarterly addition data highlights just how uneven that accumulation has been. In the last quarter of 2024, total ETF Bitcoin holdings jumped by 184,600 BTC, with BlackRock’s iShares Bitcoin Trust (IBIT) alone contributing 178,432 BTC, roughly 96% of the total gain. That period coincided with a broader institutional rotation into regulated Bitcoin products as investors sought clearer, lower-fee vehicles and a way to express bullish views on Bitcoin’s market rebound and macro hedge properties.
Subsequent quarters maintained this pattern of concentrated accumulation. In the third quarter of 2025, ETF holdings grew by 77,464 BTC to more than 1.3 million Bitcoin for the first time, with BlackRock once again in the lead with 71,236 BTC, while all other ETFs combined added just 6,228 BTC. These dynamics were supported by repeated weekly inflow streaks that sometimes amounted to hundreds of millions in net capital, with BlackRock and peers dominating flows during institutional shopping sprees in mid-2025.
Early 2026 was marked by pronounced volatility in Bitcoin ETF flows. The year opened with strong institutional demand, including multiple days of inflows approaching $700 million, led primarily by BlackRock’s iShares Bitcoin Trust (IBIT). This momentum was followed by sharp reversals as profit-taking and portfolio rebalancing triggered heavy redemptions across the ETF complex. The week ending 23 January saw $1.33 billion in net outflows across U.S. spot Bitcoin ETFs, the second-largest weekly redemption on record, including a single-day market-wide withdrawal of approximately $709 million.
Despite the turbulence, BlackRock’s IBIT absorbed a disproportionate share of remaining inflows, reinforcing its position as the primary institutional gateway even during periods of heavy redemptions. By mid-February 2026, ETFs collectively shed 49,465 BTC, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for 19,345 BTC of the decline. Smaller ETFs, including Grayscale and Fidelity, also contributed to the net outflow, reflecting a broader institutional pause in accumulation.
BlackRock’s IBIT vs the Rest of the BTC ETFs
BlackRock’s iShares Bitcoin Trust (IBIT) has absorbed a disproportionate share of spot Bitcoin ETF flows since launch. Holdings rose from 303,935 BTC in Q2 2024 to briefly passing 800,000 BTC by the end of 2025, before easing to 757,130 BTC as of February 23, 2026. Even after the recent pullback, IBIT remains the dominant institutional gateway to Bitcoin.
In contrast, other spot Bitcoin ETFs have experienced far more uneven flows, oscillating between modest inflows and intermittent outflows. As of late February 2026, IBIT still accounts for approximately 60% of all BTC held by U.S. spot ETFs, underscoring how institutional demand remains heavily concentrated in one product.
In contrast, other ETFs have experienced more modest growth or intermittent outflows. By early 2026, IBIT accounted for over 60% of all Bitcoin held in spot ETFs, maintaining its position as the biggest spot ETF fund.
‘BlackRock’s IBIT became the backbone of institutional Bitcoin demand since the cryptocurrency was first approved by the SEC in 2024. The fact that outflows in early 2026 are broader across issuers suggests this isn’t a BlackRock-specific story, but a period of market-wide repositioning. If the trend persists into March, Q1 could mark the first quarter in which ETF demand fails to add net Bitcoin since launch.’
– Alan Goldberg, Analyst at BestBrokers
Ethereum ETFs: BlackRock Extends Its Dominance Beyond Bitcoin
The concentration visible in Bitcoin ETFs is increasingly mirrored within the Ethereum market. By late January 2026, spot Ethereum ETFs collectively held more than 6.1 million ETH, with this amount dropping significantly just a month later, to 5.8 million as of February 23, 2026.
Total Ethereum Owned by ETFs
Amount of ETH owned by ETFs as of January 2026
However, unlike Bitcoin ETFs, which entered 2026 after a prolonged accumulation phase, Ethereum ETFs have shifted into clear net contraction. The pullback in ETF-held ETH has closely tracked Ethereum’s sharp price correction through late 2025 and early 2026, compressing risk appetite across altcoin exposure and triggering widespread profit-taking and institutional rebalancing. The impact is visible not just in token outflows, but in capital flight: combined ETH ETF assets under management fell from $18.57 billion in late January to just $11.86 billion by 23 February 2026, a drop of more than $6.7 billion in under a month.
This divergence appears to be an emerging structural split within institutional crypto positioning: Bitcoin ETFs are increasingly treated as strategic macro exposure, while Ethereum ETFs remain more exposed to cyclical risk sentiment, regulatory uncertainty around staking economics, and shifting narratives around Layer-2 competition and fee compression.
Raw Data
| Quarter | Company | Ticker | BTC AUM | USD AUM |
|---|---|---|---|---|
| 2024-04 | BlackRock | IBIT | 303,935.34 | $21,684,965,905.48 |
| 2024-04 | Grayscale | GBTC | 274,465.04 | $19,582,339,446.96 |
| 2024-04 | Fidelity | FBTC | 158,915.31 | $11,338,178,463.19 |
| 2024-04 | 21Shares | ARKB | 45,316.37 | $3,233,200,776.05 |
| 2024-04 | Bitwise | BITB | 37,524.28 | $2,677,256,219.45 |
| 2024-04 | VanEck | HODL | 9,927.02 | $708,266,339.45 |
| 2024-04 | Valkyrie | BRRR | 8,278.95 | $590,680,542.69 |
| 2024-04 | Invesco | BTCO | 6,945.00 | $495,507,003.17 |
| 2024-04 | Franklin Templeton | EZBC | 4,901.00 | $349,672,950.48 |
| 2024-04 | WisdomTree | BTCW | 1,290.47 | $92,071,903.00 |
| 2024-04 | Grayscale Mini | BTC | 0.00 | $0.00 |
| 2024-07 | BlackRock | IBIT | 363,033.39 | $22,759,794,041.34 |
| 2024-07 | Grayscale | GBTC | 219,943.71 | $13,789,016,526.79 |
| 2024-07 | Fidelity | FBTC | 171,666.02 | $10,762,324,666.48 |
| 2024-07 | 21Shares | ARKB | 50,684.48 | $3,177,581,617.45 |
| 2024-07 | Bitwise | BITB | 39,582.22 | $2,481,543,473.37 |
| 2024-07 | Grayscale Mini | BTC | 33,752.36 | $2,116,050,042.87 |
| 2024-07 | VanEck | HODL | 11,991.62 | $751,795,200.68 |
| 2024-07 | Valkyrie | BRRR | 8,889.75 | $557,328,490.74 |
| 2024-07 | Invesco | BTCO | 8,141.97 | $510,447,878.94 |
| 2024-07 | Franklin Templeton | EZBC | 5,972.84 | $374,457,859.72 |
| 2024-07 | WisdomTree | BTCW | 3,705.49 | $232,309,554.87 |
| 2024-10 | BlackRock | IBIT | 541,465.51 | $34,313,703,475.71 |
| 2024-10 | Grayscale | GBTC | 203,713.41 | $12,909,708,177.65 |
| 2024-10 | Fidelity | FBTC | 191,384.54 | $12,128,403,663.28 |
| 2024-10 | 21Shares | ARKB | 46,726.94 | $2,961,175,300.31 |
| 2024-10 | Bitwise | BITB | 40,196.57 | $2,547,333,395.97 |
| 2024-10 | Grayscale Mini | BTC | 37,512.91 | $2,377,264,838.72 |
| 2024-10 | VanEck | HODL | 13,716.83 | $869,261,558.10 |
| 2024-10 | Valkyrie | BRRR | 8,770.05 | $555,775,009.54 |
| 2024-10 | Invesco | BTCO | 7,792.76 | $493,842,106.74 |
| 2024-10 | Franklin Templeton | EZBC | 6,813.51 | $431,785,324.15 |
| 2024-10 | WisdomTree | BTCW | 3,862.49 | $244,773,308.93 |
| 2025-01 | BlackRock | IBIT | 565,053.45 | $52,828,010,903.17 |
| 2025-01 | Grayscale | GBTC | 191,859.47 | $17,937,336,954.79 |
| 2025-01 | Fidelity | FBTC | 189,423.53 | $17,709,596,325.63 |
| 2025-01 | 21Shares | ARKB | 47,780.46 | $4,467,093,791.28 |
| 2025-01 | Grayscale Mini | BTC | 40,095.03 | $3,748,566,847.06 |
| 2025-01 | Bitwise | BITB | 38,243.22 | $3,575,437,693.12 |
| 2025-01 | VanEck | HODL | 14,275.40 | $1,334,636,662.49 |
| 2025-01 | Valkyrie | BRRR | 5,899.38 | $551,545,443.75 |
| 2025-01 | Invesco | BTCO | 5,291.65 | $494,727,267.90 |
| 2025-01 | Franklin Templeton | EZBC | 4,956.35 | $463,379,067.76 |
| 2025-01 | WisdomTree | BTCW | 1,840.03 | $172,028,424.06 |
| 2025-04 | BlackRock | IBIT | 680,827.19 | $56,236,053,826.72 |
| 2025-04 | Fidelity | FBTC | 195,058.38 | $16,111,744,367.23 |
| 2025-04 | Grayscale | GBTC | 183,515.95 | $15,158,344,372.31 |
| 2025-04 | 21Shares | ARKB | 46,817.61 | $3,867,115,944.54 |
| 2025-04 | Grayscale Mini | BTC | 43,525.36 | $3,595,177,048.24 |
| 2025-04 | Bitwise | BITB | 39,512.73 | $3,263,735,704.88 |
| 2025-04 | VanEck | HODL | 15,661.22 | $1,293,610,915.74 |
| 2025-04 | Valkyrie | BRRR | 5,778.74 | $477,321,474.22 |
| 2025-04 | Invesco | BTCO | 5,188.56 | $428,573,006.24 |
| 2025-04 | Franklin Templeton | EZBC | 5,155.37 | $425,831,187.91 |
| 2025-04 | WisdomTree | BTCW | 1,547.32 | $127,808,281.79 |
| 2025-07 | BlackRock | IBIT | 752,063.18 | $80,629,783,497.78 |
| 2025-07 | Fidelity | FBTC | 204,591.49 | $21,934,550,034.56 |
| 2025-07 | Grayscale | GBTC | 174,981.53 | $18,760,023,967.93 |
| 2025-07 | Grayscale Mini | BTC | 47,236.24 | $5,064,266,082.18 |
| 2025-07 | 21Shares | ARKB | 43,601.35 | $4,674,564,132.60 |
| 2025-07 | Bitwise | BITB | 40,465.76 | $4,338,393,095.07 |
| 2025-07 | VanEck | HODL | 17,853.09 | $1,914,055,586.77 |
| 2025-07 | Invesco | BTCO | 6,107.54 | $654,798,383.80 |
| 2025-07 | Franklin Templeton | EZBC | 5,789.96 | $620,750,471.37 |
| 2025-07 | Valkyrie | BRRR | 5,768.58 | $618,457,998.51 |
| 2025-07 | WisdomTree | BTCW | 1,594.00 | $170,895,422.79 |
| 2025-12 | BlackRock | IBIT | 776,474.65 | $66,653,360,430.65 |
| 2025-12 | Fidelity | FBTC | 200,832.78 | $17,239,686,667.98 |
| 2025-12 | Grayscale | GBTC | 167,600.21 | $14,386,969,626.61 |
| 2025-12 | 21Shares | ARKB | 39,976.27 | $3,431,602,993.07 |
| 2025-12 | Bitwise | BITB | 40,043.96 | $3,437,413,570.36 |
| 2025-12 | Grayscale Mini | BTC | 48,534.62 | $4,166,260,315.42 |
| 2025-12 | VanEck | HODL | 17,061.19 | $1,464,549,610.79 |
| 2025-12 | Invesco | BTCO | 6,269.45 | $538,175,857.45 |
| 2025-12 | Franklin Templeton | EZBC | 5,757.56 | $494,234,707.96 |
| 2025-12 | Valkyrie | BRRR | 5,767.8 | $495,113,719.80 |
| 2025-12 | WisdomTree | BTCW | 1,577 | $135,371,257.00 |
| 2026-2 | BlackRock | IBIT | 757,129.84 | $47,863,957,872.73 |
| 2026-2 | Fidelity | FBTC | 187,290.97 | $11,840,092,180.26 |
| 2026-2 | Grayscale | GBTC | 155,638.19 | $9,839,078,287.48 |
| 2026-2 | 21Shares | ARKB | 35,379.20 | $2,236,589,352.19 |
| 2026-2 | Bitwise | BITB | 38,133.61 | $2,410,716,638.21 |
| 2026-2 | Grayscale Mini | BTC | 50,340.72 | $3,182,421,262.60 |
| 2026-2 | VanEck | HODL | 16,276.36 | $1,028,952,985.61 |
| 2026-2 | Invesco | BTCO | 6,449.45 | $407,718,976.05 |
| 2026-2 | Franklin Templeton | EZBC | 5,871.35 | $371,172,861.26 |
| 2026-2 | Valkyrie | BRRR | 6,043.0 | $382,024,168.31 |
| 2026-2 | WisdomTree | BTCW | 1,878 | $118,722,718.53 |
Methodology
This report reviews the total amount of Bitcoins and Ethereum held on-chain by all SEC-approved BTC and ETH ETFs, starting from Q2 2024, the quarter following SEC’s approval of spot Bitcoin ETFs. The analysis uses quarterly data on each fund’s holdings to track accumulation trends, compare market shares, and identify which funds are contributing most to the overall growth of Bitcoin and Ethereum held in ETFs. Figures were sourced from Dune Analytics and official ETF filings as of February 23, 2026.