Home Crypto News Bitcoin Exchange-traded Products Hold 1 Million BTC

Bitcoin Exchange-traded Products Hold 1 Million BTC

29 May, 2024 Crypto News

Bitcoin Exchange-traded Products Hold 1 Million BTC

Globally, Bitcoin exchange-traded products (ETPs)—investment tools designed to track Bitcoin's price or provide exposure to it—have amassed holdings exceeding 1 million Bitcoins.

Since the launch of the first spot Bitcoin ETFs in the United States in mid-January, these 11 ETFs have absorbed 855,619 Bitcoins, gathering an average of 6,200 BTC each day.

HODL15Capital reports that adding another 21 Bitcoin ETPs from countries such as Canada, Germany, and Brazil brings the total Bitcoin holdings to 1,002,343 BTC, valued at approximately $68 billion.

This total represents about 5.08% of the existing circulating supply of 19,704,484 coins, as per CoinGecko.

Despite being the largest holder, Grayscale’s GBTC currently possesses 289,040 coins, valued at roughly $19.9 billion.

It is closely followed by BlackRock’s iShares Bitcoin Trust (IBIT), which holds 287,168 BTC worth approximately $19.8 billion.

IBIT might exceed GBTC in holdings this week if the current trends of inflows and outflows continue.

Since its conversion to a spot ETF in mid-January, Grayscale has lost approximately 330,960 BTC, representing 53% of its former holdings.

In a recent post on X dated May 28, HODL15Capital raised concerns about whether ETFs were impacting the growth of Bitcoin held in self-custody.

A chart illustrating the distribution of BTC across various wallet addresses indicates no increase in self-custodied Bitcoin from 2023 to 2024.

Similarly, no growth was recorded between 2017 and 2018, according to the same chart.

LookIntoBitcoin data shows that just 1 million addresses currently hold 1 BTC or more.

Sources:

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

https://twitter.com/HODL15Capital/status/1795255075054776653

Back to Crypto News
Related articles
Bitcoin Whale Transactions Fall 40%

Crypto News

Bitcoin Whale Transactions Fall 40%

Italy to Increase Surveillance on Crypto Market

Crypto News

Italy to Increase Surveillance on Crypto Market

Bitcoin Block Sizes Drops to Yearly Low

Crypto News

Bitcoin Block Sizes Drops to Yearly Low

Iran to Launch CBDC Pilot Project

Crypto News

Iran to Launch CBDC Pilot Project

Don’t miss any crypto news

Subscribe to our Newsletters - the best way to stay informed about the crypto world. No spam. You can unsubscribe anytime.

By sharing your email, you consent to receiving BITmarket’s newsletter. Read how we process your data in our Privacy policy

You’ve made us very happy 😊

Subscribe to our Newsletters - the best way to stay informed about the crypto world. No spam. You can unsubscribe anytime.

Something went wrong 😔

If your problem persists please try contact our support