As a seasoned researcher with a deep-rooted interest and extensive experience in the cryptocurrency market, I find the recent milestone achieved by Spot Bitcoin ETFs truly remarkable. With a background in data analysis and market trends, I’ve witnessed firsthand the evolution of Bitcoin Exchange Traded Funds (ETFs) and their increasing significance in the digital asset space.
Bitcoinx ETFs reaching a significant achievement, now managing a combined stash of approximately 900,000 Bitcoin since their debut, coincides with the impressive surge in Bitcoin acquisition during last month’s market upswing.
Spot Bitcoin ETFs Holdings Surpass 900,000 BTC
Spot Bitcoin ETFs have accomplished an unprecedented feat, as the United States BTC ETF holdings have now surpassed a staggering 900,000 BTC valued at more than $60 billion. Nate Geraci, President of the ETF Store revealed in a recent X (formerly Twitter) post that the US Spot Bitcoin ETFs recent 900,000 BTC milestone represents about 4.3% of BTC’S total supply of 21 million BTC in the market. Additionally, this massive BTC holding accounts for 82% of the nearly 1.1 million BTC held by global BTC ETFs.
As a crypto investor following the market trends closely, I’ve noticed some exciting developments with Spot Bitcoin ETFs. According to data from Farside Investors, a reputable London-based investment firm, these Exchange-Traded Funds (ETFs) have experienced significant inflows recently. In just two weeks, approximately $2.38 billion has poured into these funds. This surge in demand has significantly boosted the total net inflows since their launch on January 11, 2024, reaching a impressive $17 billion.
The data from Farside Investors indicated that Spot Bitcoin ETFs experienced 11 consecutive days of investment, with the largest single-day inflow of approximately $383.6 million taking place on July 19. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) recorded an impressive intake of around $116.2 million during this period. Over the past two weeks, BlackRock and Fidelity Wise Origin Bitcoin Fund have drawn the most significant investments.
BlackRock’s IBIT, which played a pivotal role in reaching the 900,000 BTC mark for US Spot Bitcoin ETFs, currently oversees approximately $21 billion worth of Bitcoin (325,449 BTC) in its management. This substantial Bitcoin hoard underscores BlackRock’s impressive growth, with its Spot BTC ETF amassing a multi-billion dollar value within just half a year.
BTC Accumulation Grows In July
In the past month, there has been a noteworthy increase of approximately 900,000 in the holdings of US Spot Bitcoin Exchange-Traded Funds (ETFs). This growth has resulted in a noticeable uptick in the demand for Bitcoin. The recent reversal of Bitcoin’s bearish trend may be the catalyst for this surge in investor interest. As per crypto analyst ‘Crypto Capex,’ there has been a substantial rise in Bitcoin accumulation within Spot Bitcoin ETFs since July, while the amount of Bitcoin available on exchanges has decreased noticeably.
According to Glassnode’s latest report, there has been a significant rise in Bitcoin accumulation, which went from 0.05 in early June to 0.44 by mid-July. Additionally, the number of Bitcoin whales, those possessing over 1,000 BTC, increased slightly from 1,640 on July 1 to 1,643 by July 10. This trend underscores the heightened interest in Bitcoin during the month of July.
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2024-07-22 15:41