Bitcoin exchange-traded products now hold over 1 million BTC

    28 May 2024
    53 Views

    Bitcoin exchange-traded products — investment vehicles that track the price or provide exposure to BTC — have surpassed 1 million in Bitcoin holdings globally.

    Since spot Bitcoin ETFs first launched in the United States in mid-January, the 11 ETFs have sucked up 855,619 Bitcoin, accumulating an average of 6,200 BTC per day.

    According to data shared by HODL15Capital, another 21 Bitcoin exchange-traded products — offered in Canada, Germany, Brazil and other countries — pushes the total number of Bitcoin held to 1,002,343 BTC, worth an estimated $68 billion.

    This equates to 5.08% of the current circulating supply of coins, which is 19,704,484, according to CoinGecko.

    Grayscale’s GBTC was still the largest fund holding the asset, with 289,040 coins worth around $19.9 billion at the time.

    However, it is rapidly being caught up by BlackRock’s iShares Bitcoin Trust (IBIT), which has 287,168 BTC worth around $19.8 billion and may surpass it this week if inflows remain steady and GBTC continues to outflow.

    Grayscale has hemorrhaged around 330,960 BTC, or 53% of its previous holdings, since GBTC was converted into a spot ETF in mid-January.

    In a separate post on X on May 28, HODL15Capital questioned whether the ETFs were slowing the growth of Bitcoin held in self-custody.

    A chart displaying how much BTC is held in various addresses by amount shows that there has been no growth in self-custody from 2023 to 2024.

    However, there was also no growth between 2017 and 2018, according to the chart.

    Just 1 million addresses hold 1 BTC or more, according to LookIntoBitcoin.

    Source: https://cointelegraph.com/news/bitcoin-exchange-traded-products-hold-over-1-million-btc

    Leave a Reply

    Your email address will not be published. Required fields are marked *