As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed the remarkable growth and transformation of Bitcoin Exchange-Traded Funds (ETFs) over the past few months. The recent inflows into US Spot Bitcoin ETFs have been particularly noteworthy, with nine consecutive days of inflows leading to a total holding of 903,468 Bitcoins as of July 17.
As an analyst, I’ve observed a noteworthy development in the US Bitcoin Exchange-Traded Funds (ETFs) market. For nine consecutive days, including July 17, these funds have experienced significant inflows. Over the past week, these ETFs have actively purchased large quantities of Bitcoins, resulting in a steady increase in Bitcoin’s price which currently hovers above $65,000.
US Bitcoin ETFs Eye 1 Million BTC Holdings
On Wednesday, Bitcoin ETFs occupying the ninth position collectively drew in $53 million. Notably, BlackRock’s IBIT was the frontrunner with an additional $110 million in investments. Surprisingly, the net inflows decreased substantially from over $400 million recorded on the preceding day, Tuesday. However, Grayscale’s GBTC caused a major setback by triggering over $57 million in outflows.
Yesterday saw significant additions to Bitcoin holdings in US Bitcoin ETFs, bringing the total to over 900,000 Bitcoins. Given the recent surge in Bitcoin inflows, it’s quite likely that this figure will surpass the 1 million mark by the end of the month.
The US Spot #Bitcoin ETFs now hold 903,468 $BTC!
— Crypto Rover (@rovercrc) July 17, 2024
As an analyst, I’ve observed an significant development in the Bitcoin ETF market recently: for the first time ever, the total inflows since inception surpassed $16 billion. This figure takes into account the outflows from Grayscale Bitcoin Trust (GBTC) over the past few months. Notably, BlackRock’s iShares BitCoin Trust (IBIT) has been spearheading these inflows, with over $1 billion flowing in during the last eight trading sessions alone – a significant achievement.
In the second quarter, institutional ownership of US Bitcoin exchange-traded funds (ETFs) increased dramatically by 80%. If this trend persists, reaching the next significant threshold won’t take long.
Global ETFs Have Already Crossed the One Million Milestone
Outside the United States, Bitcoin Exchange-Traded Funds (ETFs) have seen significant investment inflows. Although the US market dominates, Canada’s Purpose Bitcoin ETF holds the most substantial Bitcoin holdings among these international funds, with over 27,000 Bitcoins in its reserves.
Global Bitcoin ETF tracker 39 funds HODL 1,051,569 #Bitcoin
— HODL15Capital (@HODL15Capital) July 14, 2024
In the international scene, countries such as Hong Kong have experienced significant engagement, with their Bitcoin holdings surpassing the 5,000 BTC mark just a few months after initiation. However, it’s important to note that these markets represent smaller liquidity pools compared to what is available in the US market.
Bitcoin held by Hong Kong Bitcoin ETFs hits record high
5,000+ $BTC
— HODL15Capital (@HODL15Capital) July 17, 2024
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2024-07-18 07:20