Bitcoin ETFs Surpass 1 Million BTC Holdings In Less Than A Year Since Launch – Details Inside
05 November 2024 - 4:00AM
NEWSBTC
Bitcoin (BTC) exchange-traded funds (ETFs) have collectively
acquired over one million BTC in less than a year since their
launch, reflecting strong demand for the digital asset among
investors. Bitcoin ETFs Surpass One Million BTC Milestone According
to a chart shared by crypto analyst Ali Martinez on X, the
cumulative BTC holdings in Bitcoin ETFs have exceeded one million
BTC within this short period. To recall, after a lot of
deliberation, the US Securities and Exchange Commission (SEC)
approved spot Bitcoin ETFs earlier this year in January. To say
that Bitcoin ETFs have proven to be a resounding success won’t be
an overstatement. Related Reading: Record-Breaking Day: Spot
Bitcoin ETF Trading Exceeds $3 Billion As BTC Eyes Record Peak
Bitcoin ETFs have recorded a cumulative total net inflow of $24.15
billion to date. Martinez added that the total value of BTC held by
these ETFs currently stands at approximately $70 billion. From a
price perspective, BTC has jumped from about $41,900 on January 8
to its current price of $68,941, marking an increase of almost 65%.
During this period, BTC reached an all-time high (ATH) of $73,737
in March. With over a million BTC now held in Bitcoin ETFs, roughly
5% of the total 21 million BTC supply is tied up in these financial
products, reinforcing Bitcoin’s scarcity narrative. Notably, asset
manager BlackRock’s IBIT spot BTC ETF leads the market, holding
approximately $30 billion net assets. Grayscale’s GBTC follows with
$15.22 billion, and Fidelity’s FBTC ranks third with $10.47 billion
in net assets. The growing interest in Bitcoin ETFs is also
highlighted in a recent CoinShares report, which found that digital
asset investment products attracted inflows of over $2.2 billion
last week. CoinShares attributed the recent surge in crypto product
inflows to the possibility of a Republican victory in the upcoming
US presidential election on November 5. Interestingly, higher
inflows were seen at the beginning of the week, while outflows
emerged toward the end as Democratic candidate Kamala Harris’s odds
of winning improved. At the time of writing, decentralized
prediction markets platform Polymarket shows Harris a 41.6% chance
of winning the presidency, while Republican candidate Donald Trump
remains the favorite with a 58.5% chance. Trump Win To Benefit
Crypto, Experts Opine While voter opinion on other policies might
be split more evenly, the overall consensus as far as crypto is
concerned seems to be that a Trump victory may benefit BTC and
other digital assets. Related Reading: Trump’s Vision: America To
Reign As Crypto And Bitcoin Epicenter, Latest Statement Reveals
Earlier this month, JPMorgan stated that retail investors
increasingly view BTC as a ‘debasement trade’ to protect their
assets’ purchasing power amid inflation and that a Trump win could
provide ‘additional upside’ to BTC. That said, Kamala Harris,
Biden’s current vice president, is reportedly taking a fresh
approach to digital assets, in contrast to the current
administration’s perceived cautious stance. Whether this will boost
her popularity among crypto-focused voters remains to be seen. At
press time, Bitcoin is trading at $68,941, up 0.8% in the past 24
hours. According to CoinGecko data, Bitcoin dominance stands at
56.7%. Featured image from Unsplash, Charts from X and
Tradingview.com
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