Wednesday, May 29, 2024 ▪
3
min reading ▪ acc
Bitcoin ETFs just hit a historic milestone. Their collective holdings now exceed one million BTC. This represents an astronomical value of nearly $68 billion.
Mass Adoption of Bitcoin ETFs
The Bitcoin ETF industry is experiencing tremendous growth. Since the highly anticipated launch of the first spot bitcoin ETFs in the United States last January, these products have continued to attract investment. It has 11 US Bitcoin ETFs in just a few months accumulated over 855,619 BTC. This represents 6,200 BTC per day.
That’s not all ! Globally, 21 more products are added to this impressive accumulation. They are offered:
- in Canada,
- in Germany,
- in Brazil,
- elsewhere,
Overall, Bitcoin ETFs are now holding up a colossal sum of 1,002,343 BTC. This represents 5.08% of the total circulating supply of Bitcoins. A number that speaks to the massive adoption of these products by investors attracted by the easy access to Bitcoin.
Bitcoin ETF heavyweights
Among Bitcoin ETFs, two giants clearly stand out. VOP, a pioneer in the field, remains the largest holder with 289,040 BTC in a portfolio worth almost $20 billion. Closely followed by the IBIT of the famous management company BlackRock, which holds 287,168 BTC, or approximately $19.8 billion.
It could also exceed VOP as early as this week if current trends continue. Indeed, Grayscale lost approximately 53% of its bitcoins since January, when it converted its product to a spot ETF. Records remain steady on the BlackRock side.
The massive adoption of Bitcoin ETFs reflects growing investor interest in this digital asset class. With over a million BTC collectively held, these products provide unprecedented exposure to Bitcoin. They contribute to the acceleration of its extensive institutionalization.
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago. But it’s the universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.