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.
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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.
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